Articles tagged with: Wall Street lobbying
Click here to view this week’s highlights and lowlights in Wall Street Reform – February 18, 2012 – February 24, 2012.
“On Feb. 16, the U.S. House Financial Services Committee voted overwhelmingly to approve a bill that would exempt newly public companies from holding say-on-pay votes for five years. …Americans for Financial Reform (AFR), a coalition of consumer and investor groups that includes the AFL-CIO, has urged the Senate Banking Committee to reject the emerging company legislation. The coalition criticized the auditor attestation exemption and noted that say-on-pay votes have nothing to do with eliminating barriers to new IPOs.”
“Fed board members and staff members apparently met with JPMorgan Chase 16 times, Bank of America 10 times, Goldman Sachs nine times, Barclays seven times and Morgan Stanley seven times (as depicted in a chart that accompanies the Wall Street Journal article). How many meetings does a single company need on one specific issue? How many would you get? For example, Americans for Financial Reform, an organization that describes itself as ‘fighting for a banking and financial system based on accountability, fairness and security,’ met with senior Federal Reserve officials only three times on the Volcker Rule.”
AFR welcomes the Consumer Financial Protection Bureau’s newly announced inquiry into overdraft fees, their impact on consumers, and in particular the Bureau’s focus on check re-ordering, and misleading or confusing marketing of so-called “standard” overdraft protection, a product deemed so abusive that regulators now require a consumer’s affirmative consent or “opt-in”.
“The U.S. House Financial Services Committee approved legislation that would let banks keep commodity and equity derivatives in federally-insured units by removing part of the Dodd-Frank Act’s so-called push-out rule. …Americans for Financial Reform, a coalition including the AFL-CIO labor federation as well as other unions and consumer advocacy groups, opposed changes to the push-out rule in a letter before the vote.”