We stand in solidarity with the families of George Floyd, Breonna Taylor, Ahmaud Arbery, and the millions of Black people subject to racial oppression, violence, and murder at the hands of the police and of white supremacists.
Following reports that Facebook is scaling up its cryptocurrency efforts with the launch of a pilot of its cryptocurrency wallet “Novi”, Demand Progress Education Fund and Americans for Financial Reform Education Fund released the following joint statement.
The Stop Wall Street Looting Act would rewrite the rules that shape the private equity industry, which now has about $7.1 trillion in assets and wealth under its control, so that regulation and market incentives promote productive, sustainable investment, not the wealth extraction that now is all too common.
Many organizations have come out in support of the Stop Wall Street Looting Act, the first comprehensive reform of the predatory private equity industry. This legislation was introduced in Congress today.
AFREF submitted a letter to the Treasury today raising concerns that the President’s Working Group is considering recommending Congress create special bank charters to regulate stablecoins. We instead believe the President’s Working Group should clarify the existing authorities that each of the regulatory agencies have and call on those agencies to exercise their authorities now. We find this especially pertinent given the recent enforcement action brought Friday by the CFTC against Tether.
Private equity has had a disastrous impact on the retail industry, driving dozens of firms into bankruptcy, shutting down tens of thousands of stores, and costing hundreds of thousands of jobs nationwide.
By creating accountability for the Wall Street tycoons who lead private equity takeovers and reversing the policies that enable wealth extraction, this set of policies can protect workers, families, and communities.