Updated AFR Report: Financial Sector Lobbying and Campaign Spending Top $1.4 Billion for 2014 Election Cycle – $1.9 million a day
March 18, 2015 – 10:34 am | Comments Off

Wall Street banks and financial interests reported spending more than $1.4 billion to influence decision-making in Washington. That two-year total works out to an average of $1.9 million a day or about $2.6 million to elect or influence each of the 535 members of the Senate and House of Representatives.

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AFR Statement: Forgetting the Lessons of the Financial Crisis
May 21, 2015 – 2:44 pm

“As today’s [Senate banking committee] vote shows, a disturbing number of lawmakers are once again willing to act as shills for Wall Street and its discredited deregulatory agenda. But the sharply divided nature of the vote is heartening. Ten of the committee’s 22 members voted against the bill. Their continued support for Wall Street reform, along with the public’s support, makes it unlikely that this dangerous bill or anything like it will become law.”

Letter to Congress: AFR, 23 Organizations Oppose Chairman Shelby’s “Financial Regulatory Improvement Act of 2015”
May 20, 2015 – 2:21 pm

“On behalf of Americans for Financial Reform and the undersigned organizations, we are writing to express our opposition to Chairman Shelby’s draft legislation, “The Financial Regulatory Improvement Act of 2015.”… While there are a number of reasonable proposals within this lengthy bill, the legislation as a whole contains numerous provisions that would unacceptably weaken consumer and financial protections.”

AFR in the News: Education Dept. Readies Debt-Forgiveness Plan for Ex-Corinthian Students (Chronicle of Higher Ed)
May 22, 2015 – 9:23 am

“‘These students were playing by the rules, sacrificing to get an education and improve their own and their families’ lives,” said Lisa Donner, executive director of Americans for Financial Reform, a coalition of groups formed in the wake of the 2008 financial crisis. “They should not be buried in debt for a scam that the Department of Education allowed to continue, even once fraud and abuse were clear.”

AFR in the News: Dodd-Frank Rollback Bill Advances in Senate (ThinkAdvisor)
May 22, 2015 – 9:19 am

“Americans for Financial Reform stated that the bill is ‘fundamentally misconceived: while its proponents claim to be focused on the needs of small community banks, the substance of the bill reads more like a deregulatory wish list for big banks and other large financial players.’ AFR stated that a ‘disturbing number of lawmakers are once again willing to act as shills for Wall Street and its discredited deregulatory agenda,’ adding that it’s ‘unlikely that this dangerous bill or anything like it will become law.’”

Joint Statement: 58 Lawmakers Call for a Strong CFPB Rule on Forced Arbitration
May 21, 2015 – 10:06 am

In a letter to Director Richard Cordray, 58 lawmakers urge the Consumer Financial Protection Bureau to use its Dodd-Frank authority to prohibit financial services companies from forcing consumers to resolve disputes in private arbitration instead of court. The CFPB should heed their call, four public-interest groups, including AFR, said today.

Letter to Congress: AFR Urges Senate to Reject Toomey Amendment
May 21, 2015 – 10:00 am

“On behalf of Americans for Financial Reform we are writing to express our opposition to Senator Toomey’s Amendment 8, offered by Senator Toomey to Senator Shelby’s regulatory reform bill scheduled for mark-up on May 21.”

Letter to Congress: AFR Supports Operation Choke Point, Urges Congress to Reject Crapo Amendment
May 21, 2015 – 9:48 am

On behalf of Americans for Financial Reform, we urge you to oppose Senator Crapo’s Amendment 19 to Senator Shelby’s regulatory reform bill scheduled for mark-up today, May 21. The amendment would prohibit the banking agencies from implementing or participating in the Department of Justice’s Operation Choke Point.

Letter to Congress: AFR Letter on the Democratic Substitute Amendment to “The Financial Regulatory Improvement Act of 2015″
May 20, 2015 – 5:10 pm

“The Democratic substitute amendment represents a better approach to protecting consumers and the broader stability and security of the financial system, as well as to balancing attention to the concerns of real community banks and the need for key standards to apply across the system. “