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Articles tagged with: Systemic Risk

AFR in the News: Mnuchin Said to Start Review That Could Ease Volcker Rule’s Bite (Bloomberg)
May 15, 2017 – 9:38 am

“At a closed-door meeting in Washington on Monday, Treasury Secretary Steven Mnuchin directed five key agencies to re-examine what’s permitted under the Volcker Rule… Marcus Stanley, policy director at Americans for Financial Reform, said he’s dubious that Volcker is handcuffing lenders. ‘You’re talking about banks that are making tens of billions a year on trading activity,” said Stanley, whose group supports aggressive oversight of Wall Street. “It doesn’t seem to me that they’ve exited the markets.’”

AFR in the News: Revised GOP bill would destroy the Consumer Bureau (LA Times)
April 18, 2017 – 11:47 am

“The Texas Republican shared a memo with other lawmakers last week outlining changes he plans to make to his so-called Financial CHOICE Act… Impressively, he’s managed to make a bad bill even worse… Marcus Stanley, policy director for the advocacy group Americans for Financial Reform, said Hensarling’s revised bill ‘makes regulators even weaker than they were before the financial crisis…’ Score that a big win for financial firms after years of filling Hensarling’s pockets with money.”

AFR Statement: AFR Applauds Bipartisan Bill to Restore Glass-Steagall
April 10, 2017 – 1:42 pm

“The Warren-McCain bill would restore the Glass-Steagall firewall and update it for the 21st century by fully addressing new developments like the massive growth in the market for complex derivatives and securities lending. By forcing the separation of commercial and investment banking, it would break up “too big to fail” banks that combine both activities, and reduce their power over the financial markets and the economy.”

Letter to Congress: Oppose HR 6392 — This Legislation Endangers the Economy
November 29, 2016 – 2:28 pm

“Far from improving systemic risk regulation, this legislation increases the likelihood of big bank failures that could put at risk the economic security of millions of families. It puts unprecedented new constraints on the ability of the Federal Reserve to provide basic oversight of large bank holding companies, including provisions that grant an unaccountable council of international regulators statutory powers over U.S. regulatory decisions. It would also politicize bank regulatory decisions, granting the Treasury Secretary of the incoming Administration new powers to pick and choose which big banks must follow basic safety rules.”

Joint Statement: Advocates deliver 350,000+ petition signatures calling for Congressional action on Glass-Steagall
September 21, 2016 – 12:30 pm

“Advocates from Take on Wall Street, an alliance of labor, consumer, community, religious, and netroots organizations, were on Capitol Hill this morning, telling key Congressional leaders to support a new Glass-Steagall Act. The groups delivered a petition with more than 350,000 signatures, calling on House Financial Services Committee Chair Jeb Hensarling (R-TX), as well as Senate Banking Committee chair Richard Shelby and others, to follow through on a policy backed by both the Democratic and Republican Party platforms.”

AFR in the News: Sanders wants Clinton to break up big banks. Will she? (CNN Money)
July 28, 2016 – 2:13 pm

“[A]lexis Goldstein, a senior analyst at Americans for Financial Reform, thinks banks might be too complacent. She notes that a recent poll shows that 75% of Americans think banks need to tougher laws. ‘I think it’s clear that voters are still very unhappy about this,’ says Goldstein. She thinks it will be hard for either party to ignore the voter outrage.”

AFR in the News: Time Short for Goldman, Morgan Stanley to Exit Billions in Funds (Bloomberg)
July 15, 2016 – 12:39 pm

“The banks have had plenty of warning, and they’ve had a good market to sell their holdings, said Marcus Stanley, policy director for Americans for Financial Reform. They ‘want to hit the snooze button again over and over with the Fed,’ Stanley said… ‘The regulators have to be prepared to say, Time’s up.’ ”

AFR in the News: Occupy movement has grown up — and looks to inflict real pain on big banks (Washington Post)
May 25, 2016 – 4:37 pm

“The group, Take On Wall Street, plans to combine the efforts of some of the Democratic Party’s biggest traditional backers, from the American Federation of Teachers and the AFL-CIO to the Communications Workers of America. The group says it will aim to turn the public’s lingering anger at the financial sector into policy initiatives that could change the way that Wall Street works.”