Occupying Policy
Rachel Signer | January 26, 2012
Walking by Zuccotti Park, you might think that Occupy Wall Street had vanished into thin air. But if you walk a few blocks further, to the public atrium at 60 Wall St, you’ll find working groups deep in conversation. The work of Occupy continues, in New York City and across the country as well. Indeed, some Occupy groups have begun campaigns with a specific goal: policy reform.
One of the most substantial examples of policy efforts within Occupy is a group called Occupy the SEC [1], which for months has been meeting twice weekly to review the 298-page Volcker Rule through a diligent, line-by-line reading and analysis. The group’s goal is to submit a public comment to the Securities and Exchange Commission examining potential loopholes in the rule. When implemented, the Volcker Rule, part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, will restrict American banks from making certain forms of speculative investments, such as proprietary trading.
Alexis Goldstein, one of the founding members of Occupy the SEC (OSEC), worked on Wall Street as an information technology expert and business analyst for years. One day, she realized she was extremely unhappy in her job, which she says made her obsess about money instead of pursuing a meaningful life. Now, Goldstein is using her knowledge of Wall Street to tackle what she sees as a dangerous lack of financial regulation. In the fall, she gave a public teach-in at Occupy Wall Street, explaining how derivatives work, what Glass-Steagall was and how it got repealed, and how Wall Street avoids regulation. “Who usually submits public comment on bills in Congress?” Goldstein said to the crowd. “The companies who are going to be regulated. And what do they say? ‘It’s too strict! Too much regulation!’”