"Occupy the SEC" Scrutinizes the Volcker Rule for Loopholes

As reported in today's Huffington Post, a handful of protesters at Occupy Wall Street are doing what the authors of a complex piece of financial legislation may have hoped no one would do. They are reading it.

The legislation is a draft of the so-called Volcker rule, a 298-page regulatory document that came out of last year's Dodd-Frank financial reform act. As originally proposed by Paul Volcker, then chairman of the President's Economic Recovery Advisory Board, the rule was aimed in part at preventing federally backed banks from making risky trades that could ultimately cost taxpayers. But in its current form, the Volcker rule is long, dense and -- critics fear -- full of language that affords banks a lot of wiggle room.

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