On July 23, 2019, AFR Education Fund submitted a letter to the U.S. Securities and Exchange Commission (SEC) opposing a proposal that would create exemptions that would permit U.S. banks – and international banks active in the U.S. market – to do large-scale derivatives dealing in the U.S. without being designated as derivatives dealers under Dodd-Frank Act rules.
Letters to Congress: AFR Opposes the Financial Institution Bankruptcy Act — Changes Would Benefit “Too Big to Fail” Banks
View or download a PDF version of the letter. November 13, 2018 Dear Senator, On behalf of Americans for Financial Reform (AFR), we are writing to express our opposition to HR 1667, the “Financial Institution Bankruptcy Act” (FIBA). We strongly support the Judiciary Committee’s efforts
We strongly disapprove of the new proposal to change rules for derivatives trading announced in today’s meeting of the Commodity Futures Trading Commission (CFTC). The requirement that complex derivatives be traded whenever possible in open, competitive markets was a crucial element of Dodd-Frank derivatives market reforms.
Letters to Congress: Eleven organizations, including AFR, sent a joint letter to Congress urging opposition to H.R. 2570, the so-called Mortgage Fairness Act.
Americans for Financial Reform and ten other organizations sent a joint letter to members of the House Committee on Financial Services urging them to reject H.R. 2570, the Mortgage Fairness Act of 2017.
Ten Years after the 2008 Financial Crisis, Where Do We Stand? A conference with Sens. Sherrod Brown and Elizabeth Warren and regulators who helped respond.
Brett Kavanaugh’s ruling, later overturned by the full DC circuit, that an independant CFPB is unconstitutional, is but one powerful indicator of the danger he would pose as a Supreme Court justice. Stripping financial regulators like CFPB of their independence means weaker consumer protections.
Letters to Congress: AFR Urges House Members to Oppose S. 2155 in Order to Preserve Financial Protections.
AFR sent a letter to members of the House of Representatives urging them to vote in opposition to the Bank Lobbyist Act.
AFR in the News: During tenure working for banks, Tim Pawlenty thrilled Wall Street, angered consumer advocates (Minneapolis Star-Tribune)
“Across party and regional lines, most people think Wall Street has too much influence in Washington. And they think that because it does,” said Lisa Donner, executive director of Americans for Financial Reform, a consortium of labor unions, consumer groups, liberal think tanks and organizations like AARP.
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.
“I don’t see the real-world problem [the bill] is trying to solve, except the problem of bankers’ not making enough money,” said Marcus Stanley, policy director at Americans for Financial Reform… [Stanley] said competition alone shouldn’t be the goal. “If we didn’t require airlines to do anything before opening up a new air route, there might be more airlines, but there might be more plane crashes too.”