All posts by team

Blog: Congress Takes Historic Step to Tax Stock Buybacks

Schumer uttered those words as the Senate was on the brink of passing the Inflation Reduction Act—the compromise reconciliation bill that resulted from prolonged, heated negotiations amongst Democrats.  The version that will go to President Biden includes something brand-new in U.S. economic policy: a one percent excise tax on stock buybacks, which reached an astonishing $882 billion last year.

Letter to Regulators: Letter to the Federal Reserve on the Community Reinvestment Act Proposed Rulemaking

Americans for Financial Reform Education Fund, along with 25 undersigned organizations, is pleased to submit comments responding to the Joint Notice of Public Rulemaking (NPR) from the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively “the agencies”) regarding changes to the Community Reinvestment Act of 1977 (CRA).

Blog: Cancel it Now: The Unconstitutional Nature of Student Debt 

We are well into the Biden administration and approaching a pivotal time in his Presidency where all hope could be lost on an issue I care a lot about: student debt. We are facing the possible flipping of Congress, student borrowers are in constant flux–unaware of when their loan servicers will be unleashed on them in the midst of a broken repayment system… and I’m afraid. I, like the rest of us, am still waiting for a portion of federal student debt to be canceled, one of Biden’s biggest campaign priorities. And despite the chatter of this announcement being forthcoming, we’re still on standby.

In The News: How the Fed’s inflation battle is already slamming the economy

Andrew Park, a senior policy analyst at the progressive Americans for Financial Reform, said a lot of companies also failed to take advantage of the debt binge during the pandemic to make productive investments, citing private equity-owned firms that borrowed money to pay dividends to shareholders. “When you have all this corporate debt that’s been issued, what happens is, it’s less of an immediate implosion and more of a drawn-out process where the debt becomes an amplifier” to any recession. That’s because people lose their jobs and income, which further dampens economic activity.