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.
The private equity industry has tapped into the multibillion dollar home and community based services (HCBS) sector, and has already made millions by implementing its routine playbook of extracting valuable company resources from providers of these crucial services while making life harder for care workers, clients, and communities most in need, according to a new report released by Americans For Financial Reform Education Fund.
Today, a group of over 80 national and state civil rights, community, consumer, faith-based, environmental and other organizations urged Members of Congress to oppose passage of the Digital Asset Market Clarity Act of 2025 (H.R. 3633), known as the CLARITY Act.
AFR submitted a statement for the record for the House hearing on the 15-year record of the Dodd-Frank Act, which Congress passed to reduce the likelihood and severity of future financial crises and to protect people from financial predation and it has made a difference. Congress and financial regulators should be building on the pieces it put in place, not rolling them back.
AFR and 67 community, civil rights, consumer, civic, and other organizations urged members of the House Financial Services Committee to oppose a slew of bills that would undermine the Consumer Financial Protection Bureau’s (CFPB) structure, funding, independence, and undermine the Bureau’s ability to protect people from financial harm, fraud, and scams.
The crypto barbarians are at the gates. According to congressional Republicans, this week is “crypto week.” That’s code for their shameless plan to pass legislation expanding the wealth of 25 crypto billionaires while putting the rest of us — and the financial system — in harms way.
Less than two weeks after the Republicans passed a giant tax break for the super rich (paid for with savage cuts to Medicaid, nutrition programs, and more), they are teeing up two pieces of crypto legislation that will reward Big Tech and the crypto broligarchs but pose serious financial risks to small crypto investors, financial stability, and everybody else.
The CLARITY Act outpaces many of FIT 21’s substantial deregulatory flaws. It has more exemptions and even less oversight, allowing crypto scams and illicit finance to proliferate and pose greater risks to consumers and the financial system than FIT 21.
“Every legal loophole that the previous administration tried to close is now open again,” [Christine Chen Zinner, senior policy counsel at Americans for Financial Reform] told the Prospect. “With no meaningful oversight and accountability, there is no safety in the financial marketplace. People are on their own now.”
The GENIUS Act crypto stablecoin bill enriches billionaires and Trump while posing real risks to people and the financial system, lacks any real consumer protections, and will facilitate money laundering and illicit finance.
“AFR fact sheet on CLARITY Act cryptocurrency legislation that is a giveaway to crypto billionaires but poses enormous risks to the financial system and crypto investors. The legislation fails to address the administration’s crypto corruption, weakens oversight of cryptocurrency, undermines state regulators, promotes regulatory evasion, and fails to protect consumers, investors, and financial markets.”
The giveaways to private equity firms subsidize predatory and extractive practices that harm workers, families, and communities. At the same time, the big, brutal bill dismantles critical agencies like the Consumer Financial Protection Bureau, making people more vulnerable to scams, rip-offs, and junk fees.
