“’Contrary to its title, H.R. 10 would deprive consumers and investors of any choice of their day in court when resolving serious disputes with powerful financial institutions and force them into a rigged system,’ Amanda Werner, arbitration campaign manager with Americans for Financial Reform and Public Citizen, said in a statement.”
The committee has passed a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers and investors, and would increase the likelihood of another financial crisis. If it became law it would make life harder for American families and for small businesses of all types.
AFR joined 29 other individuals and organizations representing students, consumers, veterans, servicemembers, and civil rights to send a letter to Education Secretary DeVos raising concerns around the questionable sale of EDMC to the Dream Center Foundation.
“We are seriously concerned about what Jay Clayton’s leadership will mean for investors and the economy. His longtime client, Goldman Sachs, played a central role in the devastating financial crisis of 2008 and has a long record of questionable market behavior. Clayton himself has numerous direct personal conflicts of interest.”
“…We urged the Commission to be more aggressive in laying out structural reforms to the markets and more specific limits on dangerous automated trading practices. The current Supplemental NPRM does not change our basic assessment, as it maintains the basic framework of the 2015 NPRM, with no movement toward additional specificity in risk limits or risk control requirements or reduced discretion for market actors in designing and implementing risk controls…
“‘It’s hard to find a more egregious example of Wall Street billionaires rigging the rules for their own advantage than the carried interest loophole,’ said Jon Green, Campaign Manager for the Take on Wall Street campaign. ‘It is an outrageous and unfair benefit for the wealthy and powerful for no reason other than that they are wealthy and powerful. Every member of Congress should stand with Senator Baldwin and Representative Levin in supporting this bill.'”
The committee, with the backing of the Trump administration, is gearing up to pass a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers and investors, and raise the likelihood of another financial crisis. Congress should be looking for ways to enforce the rules on Wall Street, not reward their army of lobbyists.