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Financial Reform News

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

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

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 Congress: Letter from 61 Groups in Support of the Wall Street Tax Act of 2019
March 5, 2019 – 1:01 pm

On behalf of the 61 undersigned organizations, we are writing to urge you to co-sponsor the Wall Street Tax Act of 2019 being introduced by Sen. Brian Schatz (D-Hawaii) and Rep. Peter DeFazio (D-Ore.).

Congressional Testimony: AFR Senior Fellow Heather Slavkin Corzo testifies to Senate Banking Committee
February 28, 2019 – 10:40 am

On February 28, 2019, AFR Senior Fellow Heather Slavkin Corzo offered testimony at a hearing entitled “Legislative Proposals on Capital Formation and Corporate Governance,” before the Senate Banking Committee.
Read or download a PDF version of the testimony …

Joint Letter: 80 groups oppose CFPB’s no-action letter and sandbox proposal
February 12, 2019 – 11:41 am

Letter from 80 groups opposing the CFPB’s changes to its no-action letter policy and new sandbox proposal

News Release: Kraninger Allows Payday Lenders To Drive Policy With Proposed Rulemaking
February 6, 2019 – 12:35 pm

FOR IMMEDIATE RELEASE
Feb. 6, 2019
CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org, (202) 251-6700
Kraninger Allows Payday Lenders To Drive Policy With Proposed Rulemaking
Statement From Linda Jun, senior policy counsel of Americans for Financial Reform:
“In proposing to undo the rule against abuses …

Joint Letter: Report to SEC Highlights Disclosure Weaknesses of Broker Standards Rule
December 11, 2018 – 5:30 am

Given the evidence that, after being provided a summary relationship disclosure, investors still cannot fully understand, and in some cases misunderstand, fundamental differences in the nature of the brokerage and advisory relationships and the respective duties they are owed, the different fees they would pay, or how various conflicts of interest can influence the recommendations they receive, a regulatory regime that relies on disclosure for investors to make an informed decision about what type of financial professional to work with and what type of account to use is certain to fail.

Letters to Regulators: Joint Letter to the OCC Opposing Any Changes that Would Weaken the Community Reinvestment Act
November 19, 2018 – 4:13 pm

On November 19, 2018, AFR and 35 organizations sent a joint letter to the OCC urging the agency not to weaken the Community Reinvestment Act.