“News reports indicate that House-Senate conference committee is cutting the administration’s $308 million budget request for the Commodities Futures Trading Commission (CFTC) by one-third, to $205.3 million, a near funding freeze. This leaves the agency without the funding it needs to do its job and will make it impossible to implement key aspects of financial reform. This is not just a budget question: this is a question of whether Washington is serious about bringing oversight and reform to Wall Street at all.”

AFR sent a letter to members of the House Financial Services Committee asking that they oppose legislation in today’s Capital Markets Subcommittee hearing that would provide regulatory loopholes to big banks.

Read our fact sheet, “The Fight for a Strong Consumer Financial Protection Bureau and Director” here
Read our talking points on Richard Cordray’s Nomination to Lead the CFPB here
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The Fight for a Strong Consumer Financial Protection …

Click here to view this week’s highlights and lowlights in Wall Street Reform – November 5, 2011 – November 10, 2011.

Senators cite MF Global as Volcker rule rationale – Ronald D. Orol (MarketWatch)

“Two senators on Wednesday urged approval of regulations to adopt key provisions in the Volcker rule, arguing that the recent failure of MF Global illustrates why it should be approved. …during a gathering organized by Americans for Financial Reform, a progressive-leaning group.” Click here for more.

Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says – Phil Mattingly (Bloomberg)

“Volcker rule language aimed at limiting conflicts of interest between U.S. banks and their clients is ‘not nearly tough enough,’ Senator Carl Levin said. Levin, a Michigan Democrat who helped draft the Dodd-Frank Act ban on proprietary trading for deposit-taking banks, said today…at an Americans for Financial Reform conference in Washington.”