AFREF sent a letter to the Securities and Exchange Commission expressing its support for its many proposals that would amend the definition of a “blank check company” to include the current and any future iterations of Special Purpose Acquisition Companies (SPACs). Such proposals would impose greater liability on many involved in the creation and distribution of SPACs and provide investors with greater transparency into the forward looking projections that the issuers of SPACs have been misleadingly overly optimistic with.
AFR joined a letter calling on Congress to include historic, equity-minded housing investments in a revised budget reconciliation bill to narrow the racial wealth gap and increase fair and sustainable homeownership opportunities for communities of color.
AFR joined a letter in support of the Housing Fairness Act and the Downpayment Toward Equity Act.
Letters to Regulators: Letter to PCAOB in Response to Request for Comment on Interim Analysis of Estimates and Specialists Audit Requirements
AFREF and Public Citizen sent a letter to PCAOB in response to their request for comment on their Interim Analysis of Estimates and Specialists Audit Requirements.
Having a rapacious business like private equity watching over particularly vulnerable people has never been a good idea. Still the evidence is mounting that Wall Street has pushed the envelope in recent years. Nursing homes, youth facilities, and homes for disabled adults have all fallen under the ownership of an industry with a track record of prioritizing wealth extraction over running companies well, to say nothing of caring for people in need.
AFR joined a letter in support of the Downpayment Toward Equity Act, which provides substantial down payment assistance to first-time, first-generation homebuyers and helps close the historical racial and ethnic homeownership gaps in the United States.
“This legislation would do quite a bit to undermine existing securities laws by creating an alternative route that could bypass the current, time-tested rules,” said Mark Hays, a senior policy analyst on fintech at Americans for Financial Reform, a progressive advocacy group. He added that the bill would create a new class of securities that lack the necessary investor protections.
Washington, DC – A bill introduced by Sens. Kirsten Gillibrand and Cynthia Lummis to revamp regulation of cryptocurrencies is little more than a giveaway to an industry that wraps itself in the mantle of innovation but poses serious risks to investors, consumers, and possibly even financial stability.
Washington, D.C. – The Securities and Exchange Commission has appointed Andrew Park, senior policy analyst at Americans for Financial Reform, to its Investor Advisory Committee, where he will serve a 4-year term providing expertise to the agency on a wide range of issues.
AFREF submitted two comments to the Federal Deposit Insurance Corporation in response to their request for comment on “Statement of Principles for Climate- Related Financial Risk Management for Large Financial Institutions.” The first comment was a joint letter signed by 13 partners regarding the fair