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Volcker Rule reformer to deliver Waterman Lecture

November 7, 2013

FOR IMMEDIATE RELEASE — November 1, 2013

CONTACT:
Peter Glenshaw, Director of Communications, Vermont Law School
Office: 802-831-1318, cell: 603-738-8487, home: 603-795-4764, pglenshaw@vermontlaw.edu
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SOUTH ROYALTON, Vt.—Vermont Law School announced today that a leader in the effort to ensure that effective rules to reform financial institutions are implemented will deliver the Sterry R. Waterman Lecture on Monday, November 4, 2013 at 5:30pm on the Vermont Law campus.

Attorney Akshat Tewary is the co-founder of “Occupy the SEC” (Security and Exchange Commission), which emerged from the “Occupy Wall Street” movement in 2011. According to a Boston Globe article, “Occupy the SEC” emerged from the belief that “banks had created the financial crisis by running circles around their regulators and, if given the opportunity, would pull the trick again. So they poured their efforts into bending banks to a sensible set of rules.”

A lawyer and former professional basketball player in India, Mr. Tewary has been the public face of an organization that has become deeply involved in rule-making and regulatory reform following the financial crisis of 2008. One of the primary efforts of Occupy the SEC has involved working to ensure robust implementation of the Volcker Rule. Named after the well-respected former chairman of the Federal Reserve, the Volcker Rule was intended, as part of the Dodd–Frank Wall Street Reform and Consumer Protection Act passed in 2010, to prevent high risk activities such as proprietary trading and hedge fund operations by banks using federal insured deposits.

Tewary and Occupy the SEC have been closely following implementation of the Volcker Rule, which has been delayed due to interagency disputes and industry lobbying. Occupy the SEC filed a 325-page comment letter in early 2012 when bank lobbyists tried to soften the rule, and Occupy the SEC later sued the Federal Reserve, the SEC, and U.S. Department of Treasury to force the Volcker Rule into existence. The Volcker Rule has yet to be written in final form as a regulation.

As Tewary told the Boston Globe, “we’re using the courts to compel the agency to do what Congress said they’re supposed to do.”

Tewary’s lecture is entitled “Occupying Regulations: Opportunities for Citizen Advocacy Before Federal Agencies.” It will be delivered at 5:30pm in the Chase Center on the campus of Vermont Law School. The lecture is free and open to the public.

The Sterry R. Waterman lecture is named in honor of the late senior judge of the U.S. Court of Appeals for the Second Circuit. Judge Waterman was a resident of St. Johnsbury and a former president of the Vermont Law Board of Trustees. The lecture has been given annually since 1975.

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Vermont Law School, a private, independent institution, has the top-ranked environmental law program and one of the top-ranked clinical training programs in the nation, according to U.S.News & World Report. VLS offers a Juris Doctor curriculum that emphasizes public service; two Master’s Degrees (Master of Environmental Law and Policy, and Master of Energy Regulation and Law), and three post-JD degrees — LLM in American Legal Studies (for foreign-trained lawyers), LLM in Energy Law, and LLM in Environmental Law. The school features innovative experiential programs and is home to the Environmental Law Center, the South Royalton Legal Clinic, and the Environmental and Natural Resources Law Clinic. For more information, visit www.vermontlaw.edu.

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