I will admit that I have been personally dismissive of
the Occupy Wall Street movement and the splinter group of Occupy Boston that I
pass by on the way to the office. Yesterday's post on Occupy
LEGO Land was an example. They lack a message and I personally think most
of their message are off base. (Down
with Evil Corporations)
One thing that caught my eye was infrastructure. Occupy
Boston has a wooden street right down the middle of their tent city. There is a
food tent and a legal tent. (There's probably more examples of physical
infrastructure.) That means collective decision-making and an allocation of
resources. That means a community has formed from the mob of the 99%.
That collective decision-making
can be seen in the General Assembly Meeting that happens every night. There
is a participatory democracy, with everyone given a right to speak.
Why not take that model to the regulators? Why not make
the Securities and Exchange Commission listen to the comments from everyone?
...What's that? ... They
do that? ... Where?
Actually, the SEC allows anyone to submit comments on
their proposals. Take for example the hundreds (thousands?)
of comments the SEC received on Definitions Contained in Title VII of Dodd-Frank
Wall Street Reform and Consumer Protection Act. Anyone can submit a comment
by sending a letter, using the web, or sending an email.
Will they listen? I assume they read each and every
comment letter. The participatory democracy of a few hundred campers on the
Greenway does not scale to the complex economy of a few million. Regulators
need to choose among competing interests that protect the public, yet give the
regulated the guidance they need. Everyone's voice can still be heard.
additional commentary on developments in compliance and ethics, visit Compliance Building,
a blog hosted by Doug Cornelius.
For more information about
LexisNexis products and solutions connect with us through our corporate site.