AFR and Consumer Federation of America sent a letter to congress opposing weakening of Sarbanes-Oxley protections against accounting fraud.

“Irresponsible deregulation of the financial industry – and the conduct it made possible – was a root cause of the financial crisis that has cost millions of jobs and trillions of dollars in home equity and retirement savings. The ‘Regulatory Accountability Act’ would further stack the deck towards Wall Street special interests, and make it impossible to put in place the common sense rules we need to demand transparency and accountability in financial markets, and prevent the financial industry from repeating the extraordinarily reckless practices for which most of us are paying so high a price.”

Read the letter that was sent to Ambassador Michael Punke in support of a review of WTO rules to ensure sufficient policy space for financial regulation here.