Occupy Wall Street camps have grown smaller as the winter has set in. They’re nearly abandoned at night as people retreat into their warm homes to sleep in their warm beds. General Assembly still has, in many locations, reasonable attendance, though certainly not to the same degree as it had in warmer weather. Many of the camps have been disbanded altogether due to local law enforcement – in fact, we are very lucky in New Haven to have such a cooperative police force such that we can remain assembled despite the weather and perhaps a decrease in morale. In many cases, the people that are left at the formerly occupied sites are the extremists and the homeless, leaving the almost completely abandoned camps a bleak sight.
Just as the movement was beginning to garner the respect and recognition needed to elicit real change, participation floundered due to weather and weariness, and in many places increasing police involvement (again, less so here in New Haven). Much of the respect and positive attention the Occupy movement had been receiving has decreased considerably.
We have come too far to let this movement die out because of a change in seasons. The movement will have to be rebuilt as Occupiers return in the spring. Hopefully, the return of the warm weather will hail a fresh influx of protesters and the movement will be injected with new vigor. Just as was done the first time, last autumn, the movement will have to build again, will have to attract attention and organize. But this time, we have a head start. The movement has organized into several different groups with different goals, and this February, one of those groups has made a remarkable achievement. The group calls itself “Occupy the SEC” (and their website can be found here: www.occupythesec.org).
The SEC (Securities and Exchanges Commission) is a federal agency tasked with the implementation of the Dodd-Frank Act. But before the Dodd-Frank Act can be implemented, the SEC is required to seek public comment. And so formed Occupy the SEC – a group of Occupiers with considerable experience in the financial industry. Led by Alexis Goldstein, the group produced a comment letter on section 619 of the Dodd-Frank Act, also called the Volcker Rule. The purpose of the Volcker Rule is to regulate proprietary trading by the banks, and to increase transparency. The comment letter is 325 pages long, answering 244 out of 395 questions proposed by the SEC regulators in the request for public comment. The Volcker Rule originally was full of so many loopholes and exceptions as to make it essentially self-castrating. Thanks to the incisiveness of Occupy the SEC, however, the Volcker Rule has the potential to turn into a very powerful regulatory statute, should the suggestions be followed. The group has demonstrated an unexpectedly keen and thorough understanding of the section.
The letter was extraordinarily well-received. Several prominent financial bloggers and publications gave high praise, including Felix Salmon of Reuters. It’s been enough to make many of the movement’s detractors take a second look, enough to make people question their notions of this movement as just a directionless group of dirty hippies. Now, we are finally able to show the world that we are organized, that we do have a purpose and a goal – several goals – and have the talent and ability to call for the change we’re seeking. Yes, the movement has made other contributions and comments of similar quality and professionalism, but none have been so high profile. The reputation of the movement is critical to the sustainment of the movement, and this letter achieves that.
Part of the beauty of this movement is its free-spirited nature. It has drawn independent thinkers, people who are not afraid to be bold and outspoken about their views. Incisive minds like that of Alexis Goldstein and her collaborators to continue to contribute in such vital ways. It is important to demonstrate cohesiveness. We have shared goals. Our marches are not just pleasant Sunday afternoon strolls; the encampments are not mini-Woodstocks. We are not some parody of the Vietnam and Civil Rights protests of the 60′s. We are relevant and we are now developing the organization and cohesion needed to state our purposes and make demands.
Now is the time to rebuild our morale, restate our purposes, and show the world the power of the 99%.
No comments:
Post a Comment