It is Time for Wall Street to Pay its Fair Share
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It is Time for Wall Street to Pay its Fair Share
March 30, 2012 – 9:52 am | Comments Off

As most Americans struggle to pay their share, we can’t help but notice that Wall Street is not. Many of the economic problems we face today, from deficits to unemployment, were in large part created by …

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Why We Need a Financial Speculation Tax
November 25, 2011 – 10:19 am

A Financial Speculation Tax ( or Financial Transaction Tax) would be a tiny tax on Wall Street trading in stocks, bonds, foreign currency, derivatives, and other complex financial products.

AFR in the News: The Volcker Rule and Barclays’ UK Bear Hug
November 19, 2011 – 8:33 am

The Volcker Rule and Barclays’ UK Bear Hug – Nick Dunbar

“On Nov. 3rd, I attended the inaugural BBC Today Business Lecture, given by Bob Diamond, the chief executive of Barclays. The man who told the UK Treasury Select Committee that it was time to stop apologising for the financial crisis had been given an image makeover. …The more I thought about it, aside from the change in tone, there was not a great deal of difference between the unrepentant Diamond addressing the Treasury Committee and the contrite version lecturing the BBC. …The answer came to me last week…I was invited by the legislative counsel for Sen. Jeff Merkley, one of the architects of the original Volcker Rule bill, and… Americans for Financial Reform.”

AFR in the News: Politico’s Morning Money Push Back: Volcker Edition
November 19, 2011 – 8:29 am

M.M. Push Back: Volcker Edition – Ben White (Politico’s Morning Money)

“ Pro-reform groups were not, ahem, too happy about the anonymous comments from a senior banker in M.M. suggesting the Volcker Rule as drafted goes beyond what the statute intended. … John Carey, Communications Director for Americans for Financial Reform emails: ‘Hard to believe that bankers have a better idea of what Congress intended than Senators Merkley and Levin, who drafted the Volcker Rule. Wall Street lobbyists seem to think that the impact of the rule is limited to taking the word ‘proprietary’ off traders’ business cards. …’

AFR in the News: Gov’t Shutdown Looms if ‘Mini-bus’ Isn’t Passed
November 19, 2011 – 8:26 am

Gov’t Shutdown Looms if ‘Mini-bus’ Isn’t Passed – Michelle Hirsch (The Fiscal Times)

“The Commodities Futures Trading Commission, for instance, is being asked to swallow a near one-third cut relative to what the Obama administration requested. …’The Dodd-Frank Act assigned massive new markets to CFTC oversight, leading to a 600 percent increase in the size of the CFTC’s supervisory responsibilities,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘The funding level just advanced by the Conference Committee would barely allow the CFTC to expand its current oversight resources and would not permit the agency to implement its new responsibilities.’

AFR in the News: Robocalls Instigate a Cellphone Fight
November 19, 2011 – 8:23 am

Robocalls Instigate a Cellphone Fight – Randall Stross (NYT)

“… The American Bankers Association, the Association of Credit and Collection Professionals and other trade groups…are backing a bill in the House, H.R. 3035, that they say would clarify issues of consent surrounding automated calls. …The bill is opposed by the National Association of Consumer Advocates, the Consumer Federation of America, Americans for Financial Reform, Consumer Watchdog, the U.S. Public Interest Research Group and other consumer advocates.

AFR in the News – House Democrats ask for tougher Volcker rule
November 19, 2011 – 8:20 am

House Democrats ask for tougher Volcker rule – Dave Clarke (Reuters)

“A group of House Democrats are asking regulators to start over with a proposed ban on proprietary trading by banks, arguing the current proposal has too many loopholes. … At a November 9 event on the rule, however, Volcker’s top aide, Tony Dowd, said…‘[f]rom Mr. Volcker’s standpoint I think he is hanging his hat on the strong wording of the general prohibition on prop trading and the accountability for senior management and boards of directors to implement the policy,’ he said at an event hosted by Americans for Financial Reform, which supports the Volcker rule.”