On July 24, Americans for Financial reform hosted a conference looking back at the response to the 2008 crisis, and towards future efforts to ensure that the financial system is more stable, and fair for all. Click here to access the agenda, video, and (soon) the transcript
Nearly a decade after the crisis broke, we need the public interest, not Wall Street’s narrow pursuit of maximum benefits for a tiny few to guide financial policy. But Wall Street’s money is an enormously powerful force pushing the other way.
“…This legislation would be better dubbed ‘Wall Street’s CHOICE Act’, as it would have a devastating effect on the capacity of regulators to protect the public interest and defend consumers and investors from Wall Street wrongdoing… This nearly 600-page bill is a radical piece of legislation…”
On behalf of Americans for Financial Reform (AFR), we are writing to oppose HR 5143, the “International Insurance Standards Act”. …Even without the amendment, HR 5143 places unreasonable and unworkable barriers on international negotiations important to the oversight of global insurance companies. We should not forget that an insurance company, AIG, was at the center of the 2008 financial crisis and received the largest taxpayer bailout in U.S. history. The $182 billion AIG bailout went to cover losses in investment banking type activities like the sale of credit default swaps and the securities lending business.