“Lawmakers are considering new policies aimed at preventing a repeat of the MF Global debacle…the committee’s chairwoman, Senator Debbie Stabenow, sent roughly 20 letters on Wednesday to some of the industry’s biggest players, seeking suggestions for new policies. … She sent letters to consumer advocacy groups, including Americans for Financial Reform…”
Click here to view this week’s highlights and lowlights in Wall Street Reform – January 14, 2012 – January 20, 2012.
The Volcker Rule and Market Liquidity The Volcker Rule will restrict banks’ ability to speculate in financial markets. Recently, critics of the rule have claimed that it will lead to declines in market liquidity that will have serious economic effects. A new industry-funded study from
Read Wallace Turbeville’s testimony at the House Financial Services hearing on “Examining the Impact of the Volcker Rule on Markets, Businesses, Investors and Job Creation” here.
Read the pdf of our comment letter to the CFPB regarding private student loans here. January 17, 2012 Ms. Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1500 Pennsylvania Ave., NW (Attn: 1801 L
Click here to view this week’s highlights and lowlights in Wall Street Reform – January 7, 2012 – January 13, 2012.
“The bill’s critics, including POGO, the AFL-CIO and Americans for Financial Reform, also wrote a letter to lawmakers warning of its impact on whistleblower protections. The bill, the letter said, ‘is an extreme approach that would silence would-be whistleblowers, endanger critical inside informants, undermine investigations, hamstring enforcement at the SEC and [Commodity Futures Trading Commission], and provide lawbreaking financial firms with an escape hatch from accountability.’”
“Marcus Stanley, policy director for Americans for Financial Reform, a consumer advocacy group, did not want to comment on Lew specifically. But he said the ascension of another official with big bank experience is a sign that the revolving door between Wall Street and Washington continues to swing. ‘Many political elites in both parties have moved through Wall Street,’ Stanley said. ‘In some cases, they worked at the same institutions as those lobbying against effective implementation of Dodd-Frank. I hope and expect that in a government role they can set that past aside and implement the law as written.”
“The final regulations are a ‘significant weakening’ of the CFTC’s original proposal, Marcus Stanley, policy director of Americans for Financial Reform, which includes AFL-CIO and other labor unions, said in an e-mail today. ‘The numerous opt-outs, exceptions, and safe harbors in the final rule can effectively give swap dealers a free pass out of compliance with key statutory protections,’ Stanley said.”
“Another consumer group shared Roper’s concerns. ‘These rules, unlike the initial proposal, are simply not sufficient to fully implement the Dodd-Frank protections,’ Americans for Financial Reform said in a release.”