Thread: Now this really ticks me off

The new interim regulation is effective today, January 7, 2008.

Originally Posted by RAE

Although FRTIB said in their Fed. Register notice that the proposed effective date (for implementing the new rule allowing them to send warning letters to about 3,000 "frequent traders) was Jan. 7th, I don't believe it can actually be implemented until they post another notice in the Fed. Register, publishing the Final Rule. When they do that, I believe they need to disclose what comments they received on the proposed rule, and a response to those comments. Anidoc, is this how you understand the process to work? If so,we should be looking for another notice in the Fed. Register, with the Final Rule.

Here's the kicker, though: they clearly violated at least one of the requirements for posting notices when they made this Dec. 27 posting. The regs require that every notice must specify a comment period, and they failed to do that.
Several of us pointed that out to them, in the comments we submitted on the interim rule. Therefore, if they do not withdraw or at least amend this
notice to correct that error, any subsequent decisions they make that are based upon this Interim Rule will not hold up, if challenged.
I am almost hoping they do NOT withdraw or amend it, because if they don't, we can challenge the validity of any Final Rule on the IFT restrictions later (as being a product of a flawed process, which they knew was flawed), and we will prevail.

I'm waiting to see what their next move is............

AND get BACK PAY!

Originally Posted by James48843

I am working on educating Mr. Smith.

Patience, please.

In the meantime, please feel free to go over to FEDSMITH.COM and tell the commentors to question the math, and find out for themselves. And please do so RESPECTFULLY.

Jim:

I applaud your patience! Personally I have no time for them again. I vowed never to go to read anything that FedSmith publishes again, as a result of what I perceive to be flawed reporting.

I think that you cannot make a horse drink water, even after you have led them to it, and this is what I perceive to be the case with them. May others also recognize my opinion of them for themselves.

All,
Really good perspectives. The difficult thing for us (those of us less involved in the "challenge" process) - is not understanding the strategy.
I'll opine, that I also question, the tactic of giving Mr. Smith money (as advertising) in order to have him pass on accurate facts (as GuilRL suggests) - but that's just another person's opinion. I'm more-than-willing to send in money to a "Chip-in account," but personally I know what lawyers charge these days!

I do agree with having patience (as they do seem to have "shot themselves". Now that the "Interim Rule" date has passed, as RAE expressed, I need to "see what their next move is" - it will likely be VERY soon!

I'd suggest we all need to know when something/anything happens to any of us on this Message Board...
(a TSP e-account lock-out?, an official letter? etc.)?
Do we have any way to know?
How many folks have already gone past the limits for the month?
Do we ignore the above "Rule", and continue as usual?
-Just respectfully, wondering, how should we continue now?