View or download a PDF version of the full letter here.

Americans for Financial Reform submitted a letter urging members of the House Financial Services Committee to oppose financial deregulatory measures while the capacity and independence of financial regulators are under sustained attack, ahead of the markup of legislation scheduled for May 20 and 21.

The majority of the measures under consideration in this markup do not strengthen capital formation, they expose smaller, retail investors to informational asymmetry, losses, and steep fees they cannot afford from opaque, risky, and illiquid private markets. Meanwhile, the administration’s assault on regulatory agencies, including the Securities and Exchange Commission (SEC), further undermines the SEC’s mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation. Many of the legislative proposals under consideration at this hearing are directly out of the  Project 2025 playbook.

AFR also opposed several bills in this markup that would weaken financial regulation by undermining supervisory tools, restricting regulatory discretion, shielding large banks from accountability, and fast-tracking risky bank mergers.

AFR supported four bills in this markup that would improve disclosures and protections for investors and strengthen capital markets.