AFR in the News Archives - Page 23 of 59 - Americans for Financial Reform

AFR in the News: Wall Street Fires Back at Obama Over Broker Standards

The Department of Labor, backed by the rest of the Obama administration, has renewed its push to hold retirement advisers to tougher standards, seeking to require more brokers to act in the best interest of their clients. That effort has in turn spurred another bout of vigorous lobbying by Wall Street interests, keen on preserving the status quo… “There is just a tidal wave of opposition,” says Lisa Donner of Americans for Financial Reform, a consumer group that supports the proposed rules. “This has been a very long time coming.”

AFR in the News: Consumer groups accuse SEC of ignoring investors (Investment News)

“We are concerned that the Securities and Exchange Commission — which has always prided itself on serving as ‘the investors’ advocate’ — appears in recent years to have strayed from its primary focus on its investor protection mission,” the letter stated. “Given the vital role that average investors play in our markets and the overall economy, and the serious shortcomings that exist in the regulatory protections they receive, it is time in our view for these issues to be prioritized.”

AFR in the News: About That Bill Name (Politico)

“Americans for Financial Reform is urging Congress to reject Rep. Ann Wagner’s bill to halt Labor Department’s fiduciary duty rule. In a March 10 letter to Congress, AFR says: ‘On behalf of Americans for Financial Reform, we are writing to express our opposition to HR 1090, the ‘Retail Investor Protection Act.’ This misnamed legislation in fact eliminates needed protections for retail investors … Financial professionals not covered by a fiduciary duty are legally free to recommend investments that benefit them, the seller of the product, at the expense of the customer who is saving for their future.’”

AFR in the News: A Practical Populist Wins High Praise at Treasury (CQ)

“One area where [Treasury Deputy Secretary Sarah Bloom] Raskin has flexed her muscles is in a new drive to restrict executive compensation at the biggest banks… [T]he Dodd-Frank Act required federal regulators to prohibit pay packaged to bank executives that encouraged inappropriate risk-taking… The matter has been revived in recent months, in part because Raskin has made it a priority, pushing it with Lew and the President himself…”

“We’re very pleased that regulators seem to be returning to the drawing board and thinking about a rule that might actually have some impact,” says Lisa Donner, executive director of the liberal Americans for Financial Reform, adding that Raskin has been a “champion” on the issue.

AFR in the News: How The Obama-Warren Retirement Security Plan Almost Got Strangled In The Cradle (Huffington Post)

“President Barack Obama unveiled a significant retirement security proposal with Sen. Elizabeth Warren (D-Mass.) on Monday, announcing plans to bolster retirement accounts by curbing conflicts of interest on Wall Street… Obama’s decision to put political capital behind a new rule has encouraged many financial reform advocates. ‘It makes sense, it’s right and it’s important,’ said Lisa Donner, executive director of Americans for Financial Reform.”

AFR in the News: Financial Reformers Counter Regional Bank Lobbying (PoliticoPro)

PoliticoPro reports that “financial reform advocates are ramping up lobbying against a push by regional banks to ease rules from the 2010 Dodd-Frank law.” While the banks argue that systemic-risk rules should be limited to a small group of the biggest and most complex banks, “Americans for Financial Reform says the failure of a large regional bank could be a big risk during a crisis,” writes Politico’s Zachary Warmbrodt.

AFR in the News: Wall Street reform groups blast House reg bills (The Hill)

“[B]ackers of tough Wall Street rules see the legislation as opening new doors for industry to take regulators to court, or requiring watchdogs to jump through even more hoops to write rules. ‘These bills, in slightly different and overlapping ways, basically put another thumb on the scale,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘But I would say it’s a lot heavier than a thumb. It’s another fist on the scale.'”

AFR in the News: Wall Street Gears up as White House Pushes Retirement Fund Rules

“Our experience has been that industry dramatically misrepresents the content and the impact of the rule, by making unsubstantiated claims” before it is released, said Marcus Stanley, policy director of Americans for Financial Reform, a coalition of groups that advocates for stronger regulation of Wall Street. “You are going to get a lot of fear-mongering.”

AFR in the News: Republicans and Wall Street Say To Hell With Protecting the Public! (Moyers & Co.)

“Since December, Congress has twice passed measures to weaken regulations in the Dodd-Frank financial law that are intended to reduce the risk of another financial meltdown. In the last election cycle, Wall Street banks and financial interests spent over $1.2 billion on lobbying and campaign contributions, according to Americans for Financial Reform. Their spending strategy appears to be working. Just this week, the House passed further legislation that would delay by two years some key provisions of Dodd-Frank. “[Banks] want to be able to do things their way, and that’s very dangerous.” MIT economist Simon Johnson tells Bill.

AFR in the News: Republican Assault on Dodd-Frank Act Intensifies (Financial Times)

“Marcus Stanley, policy director of Americans for Financial Reform, which backs tougher regulation of Wall Street, said banks and their Republican allies were seeking to chip away at Dodd-Frank with a series of piecemeal delays and limits on regulatory authority. ‘The strategy is to take many of these bills and amendments and combine them together into packaged legislation. In combination, these so-called technical fixes will very significantly undermine Dodd-Frank and make it impossible to effectively police the financial sector,’ he said.”