“Marcus Stanley, policy director for Americans for Financial Reform, a consumer advocacy group, did not want to comment on Lew specifically. But he said the ascension of another official with big bank experience is a sign that the revolving door between Wall Street and Washington continues to swing. ‘Many political elites in both parties have moved through Wall Street,’ Stanley said. ‘In some cases, they worked at the same institutions as those lobbying against effective implementation of Dodd-Frank. I hope and expect that in a government role they can set that past aside and implement the law as written.”

“The final regulations are a ‘significant weakening’ of the CFTC’s original proposal, Marcus Stanley, policy director of Americans for Financial Reform, which includes AFL-CIO and other labor unions, said in an e-mail today. ‘The numerous opt-outs, exceptions, and safe harbors in the final rule can effectively give swap dealers a free pass out of compliance with key statutory protections,’ Stanley said.”

“Another consumer group shared Roper’s concerns. ‘These rules, unlike the initial proposal, are simply not sufficient to fully implement the Dodd-Frank protections,’ Americans for Financial Reform said in a release.”

“‘No one wants to say out loud they’re unsophisticated,’ said Marcus Stanley, policy director of the Washington-based nonprofit Americans For Financial Reform, a coalition of unions and civil rights and consumer advocates.”

“The final rules on swaps dealer business conduct approved by the CFTC today represent a significant weakening of the Commission’s initial proposed rules in this area. The Dodd-Frank Act created a significant set of new protections for public entities and pension funds in the derivatives markets. These rules, unlike the initial proposal, are simply not sufficient to fully implement the Dodd-Frank protections.”

Read the letter that AFR signed onto, urging the OCC to withdraw proposed bank payday and overdraft guidance here.