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Report: Wall Street Pumps $1.9 Billion into Political Process in 2017-18 Election Cycle
April 30, 2019 – 6:58 am | Comments Off on Report: Wall Street Pumps $1.9 Billion into Political Process in 2017-18 Election Cycle
Report: Wall Street Pumps $1.9 Billion into Political Process in 2017-18 Election Cycle

The $1.9 billion Wall Street poured into American politics includes contributions to campaign committees and leadership PACs ($922 million) and lobbying expenditures ($957 million). The money backed a massive rush of pro-industry nominees and legislation over the last two years, at a time when the biggest banks made $100 billion in profits for the first time.

Letter to CA State Assembly: AFR Supports the Student Borrower Bill of Rights (AB 376)
April 15, 2019 – 11:39 am | Comments Off on Letter to CA State Assembly: AFR Supports the Student Borrower Bill of Rights (AB 376)

Americans for Financial Reform wrote to the California State Assembly in support of AB 376, the Student Borrower Bill of Rights. AB 376 would make California the first state in the nation to create a comprehensive set of rights for people holding student debt, by requiring student loan companies to treat borrowers fairly and giving borrowers the right to hold these companies accountable when they fail to meet basic servicing standards.

Joint Letter: AFR, 55 other orgs support the PROTECT Students Act
April 4, 2019 – 3:08 pm | Comments Off on Joint Letter: AFR, 55 other orgs support the PROTECT Students Act
Joint Letter: AFR, 55 other orgs support the PROTECT Students Act

Americans for Financial Reform joined 56 other organizations to express strong support for the PROTECT Students Act. This legislation would enact important protections for students and taxpayers
against predatory colleges that cheat students and leave them with large debts they cannot afford.
It also includes a far-reaching set of reforms to hold predatory colleges accountable
to both students and taxpayers.

AFR Report: Finance for a Fair Economy – Managing the Financial Cycle
March 28, 2019 – 5:00 am | Comments Off on AFR Report: Finance for a Fair Economy – Managing the Financial Cycle
AFR Report: Finance for a Fair Economy – Managing the Financial Cycle

The financial cycle is a concept developed by economists to understand the reasons why finance-driven growth can be self-defeating. Policymakers need to rebalance our response to recessions and financial crises to prevent any repetition of the experience of 2008-2009, in which benefits flowed to Wall Street, not ordinary Americans.

AFR-CEPR Research: Small Donations Show Growing Power of Grassroots Vs. Wall Street
March 6, 2019 – 7:00 am | Comments Off on AFR-CEPR Research: Small Donations Show Growing Power of Grassroots Vs. Wall Street

New members of Congress demonstrated substantially less reliance on money from the financial services industry than incumbents who won re-election in 2018. First-term Democratic members of the House raised, on average, 17 percent of the money for their campaign committees from small donors, compared with 9.4 percent by Democratic incumbents who won re-election.

Letter To Regulators: Comment On Standardized Approach For Calculating The Exposure Amount Of Derivatives Contracts
February 15, 2019 – 11:21 am | Comments Off on Letter To Regulators: Comment On Standardized Approach For Calculating The Exposure Amount Of Derivatives Contracts

The replacement of the CEM by the SA-CCR would significantly reduce leverage capital requirements for bank derivatives positions, which we believe would cut total capital backing derivatives books at large banks.

News Release: Court Sides with Students Over DeVos’s Pro-Corporate Agenda
October 16, 2018 – 2:54 pm | Comments Off on News Release: Court Sides with Students Over DeVos’s Pro-Corporate Agenda

Americans for Financial Reform Education Fund applauds the news that a court has rejected the for-profit college industry’s attempt to stop the 2016 Borrower Defense rule. Today, the United States District Court for the District of Columbia sided with students over Betsy Devos’s attempts to let abusive for profit schools rip them off with impunity.

AFR in the News: Progressive Groups Criticize CFPB Fintech Proposal (Politico)
October 10, 2018 – 12:03 pm | Comments Off on AFR in the News: Progressive Groups Criticize CFPB Fintech Proposal (Politico)

“A coalition of 50 public interest groups today sharply criticized the Consumer Financial Protection Bureau’s proposal to gut important consumer-protection rules, especially for fintech companies, arguing the agency does not have the authority to create potentially unlimited exemptions from the very regulations that the CFPB is obligated to enforce.”