S 2155: A Gift to Wall Street!
March 16, 2018 – 3:09 pm | Comments Off on S 2155: A Gift to Wall Street!

Bipartisan majorities in the House and the Senate chose to commemorate the 10th anniversary of the worst financial crisis since the Great Depression by handing the bank lobby a package of deregulatory gifts, increasing the risks to financial stability and the likelihood of consumer abuse, including racial discrimination in lending. This legislation, signed into law on May 24, won’t serve families or communities, nor is it policy that most people support. But Wall Street and its friends in Congress had a tougher time than they ever expected because Americans who know better refused to let the bill pass without a fight.

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Letters to Congress: AFR urges opposition to five bills that would harm investors and undermine oversight of the insurance industry
June 7, 2018 – 10:31 am

Americans for Financial Reform sent a letter to members of the House Committee on Financial Services urging them to reject five bills in today’s markup. The bills would harm investor protections and undermine oversight of the insurance industry.

AFR in the News: Congress to roll back post-crisis rules as banks post record profits (Washington Post)
June 5, 2018 – 2:48 pm

“‘When lawmakers vote for banking deregulation even though banks are raking in record profits, it exposes what is really at work,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘The bank lobby has flooded the political system with money, and is getting a return on its
investment. The result is legislation that makes the financial system less safe and less fair, and puts consumers at greater risk of abuse.’”

AFR in the News: Banks would be freer to trade for profit under Fed proposal (Virginian Pilot)
June 4, 2018 – 10:29 am

“‘The proposal ‘is an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits,’ Marcus Stanley, policy director at Americans for Financial Reform, said in a statement. ‘If implemented, these proposals could turn the Volcker Rule into a dead letter.'”

AFR in the News: Fed votes to scale back hated ‘Volcker Rule’ on Wall Street (NY Post)
June 4, 2018 – 10:20 am

“’What is critical is that simplification not undermine the core principle at stake — that taxpayer-supported banking groups, of any size, not participate in proprietary trading at odds with the basic public and customers’ interests,’ Paul Volcker said in a statement…

‘This proposal is no minor set of technical tweaks to the Volcker Rule, but an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits,’ said Marcus Stanley, policy director at Americans for Financial Reform.”

AFR Statement: Mulvaney Makes Common Cause With Payday Lenders to Delay Rule
May 31, 2018 – 6:06 pm

Mick Mulvaney has been doing the bidding of payday lenders for years, but putting the CFPB’s weight behind a joint legal motion with their lobbyists is a new low, even for him. Mulvaney is now openly making common cause with payday lenders to gut the CFPB’s common-sense protections for borrowers

AFR Statement: Proposal to Overhaul Volcker Rule Would Unravel Key Response to Financial Crisis
May 30, 2018 – 3:21 pm

This proposal is no minor set of technical tweaks to the Volcker Rule, but an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits. If implemented, these proposals could turn the Volcker Rule into a dead letter, a regulation that would not meaningfully restrict trading activities.

AFR in the News: Progressives Ask Schumer to Pick Like-Minded Financial Watchdogs (Bloomberg News)
May 29, 2018 – 1:36 pm

Unions, civil rights organizations and so-called netroots political activists all signed onto the letter, aligning with groups like the Consumer Federation of America and Americans for Financial Reform that typically monitor the agencies.

Take On Wall Street Poll: Key Findings from Battleground Congressional District Survey on Curbing Wall Street’s Influence
May 29, 2018 – 6:00 am

A new nationwide survey of likely 2018 voters in key battleground congressional districts reveals overwhelming, broad-based, and intense support for curbing big banks’ influence in Washington, and holding financial companies accountable for discrimination.