Roll Call reported on AFR’s positions on the Senate financial reform bill:
The consumer-backed Americans for Financial Reform laid out its amendment strategy Tuesday, saying it intends to strengthen provisions in the Senate financial regulatory reform bill while defending against Wall Street’s attempts to weaken the bill.
“The bill before the Senate is a good, strong, thoughtful package,” AFR’s Heather Booth said.
Representatives of the coalition of consumer advocates and unions said in a conference call that they are facing an uphill battle, with the financial services industry spending the equivalent of $1.4 million a day to stop the bill, according to estimates by the Center for Responsive Politics.
AFR defended much of the Senate Banking, Housing and Urban Affairs bill, including derivatives language that would require the vast majority of derivatives to be cleared on an exchange. But AFR is worried that attacks from big business could weaken the final provision, according to Michael Greenberger, AFR’s point man on derivatives.