I’m impressed by this — suing all of the Federal Wall Street regulators, pointing out that Dodd-Frank still isn’t fully implemented by its responsible regulators. Specifically, they are interested in the Volker Rule not yet being implemented within the timeframe dictated and that this is against the law.
The organization is suing every Federal regulator that resides in the pocket of Wall Street – which means they are suing every Federal regulator of Wall Street. And, spunky group that they are, they’re naming individuals too. Here’s the rundown: Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, Martin Gruenberg, Chairman of the FDIC, Elisse Walter, Chair of the SEC, Gary Gensler, Chair of the Commodity Futures Trading Commission, Thomas Curry, Comptroller of the Office of the Comptroller of the Currency, Mary Miller, Under Secretary for Domestic Finance at the Treasury, Neal Wolin, Acting Secretary of the Treasury. [...]
The lawsuit informs the court that Dodd-Frank required that regulators adopt rules relating to this section “within nine months after the completion of a study by FSOC [Financial Stabilization Oversight Council] relating to the Volcker Rule. The FSOC completed that study in January 2011.” The complaint proceeds to explain that the legislative language “is unequivocal in setting this mandatory deadline, which the Defendants and the agencies under their control have missed.” [...]
The complaint explains to the Court that “this delay puts Plaintiffs’ deposited money at risk, because banks can continue to speculate with it as long as the Volcker Rule has not been implemented.” The recent example of the implosion of insured deposits at JPMorgan Chase is cited:
I wish Occupy the SEC every bit of luck in this.