“The final regulations are a ‘significant weakening’ of the CFTC’s original proposal, Marcus Stanley, policy director of Americans for Financial Reform, which includes AFL-CIO and other labor unions, said in an e-mail today. ‘The numerous opt-outs, exceptions, and safe harbors in the final rule can effectively give swap dealers a free pass out of compliance with key statutory protections,’ Stanley said.”
“Another consumer group shared Roper’s concerns. ‘These rules, unlike the initial proposal, are simply not sufficient to fully implement the Dodd-Frank protections,’ Americans for Financial Reform said in a release.”
“‘No one wants to say out loud they’re unsophisticated,’ said Marcus Stanley, policy director of the Washington-based nonprofit Americans For Financial Reform, a coalition of unions and civil rights and consumer advocates.”
“In other places, it is known as a ‘Robin Hood Tax’ and ‘Tobin tax,’ named for Nobel laureate James Tobin, who proposed in the early 1970s a tax on currency conversions. …A scaled-back tax of 1% would raise more than $200 billion, according to Americans For Financial Reform.”
“Lisa Donner, executive director of Americans for Financial Reform, said in a statement after Obama’s recess appointment that ‘consumers won today when President Obama defied Wall Street interests to make a recess appointment’ of Cordray. Obama, she said, ‘stood with consumers and families in making this crucial decision.’ Now that the CFPB has a director, Donner went on to say, the CFPB “finally has its full authority to protect consumers everywhere in the financial marketplace, from a Wall Street bank to a payday lender or from a mortgage company to a credit bureau or anywhere else.'”
“For many in the financial industry, much is riding on Republican efforts to force a reopening of the 2010 Dodd-Frank Financial Reform Law with the goal of giving Congress greater oversight and dispersing power at CFBP among members of a board rather than bestowing it all on a director. …But to leaders of Americans for Financial Reform, a coalition of 250 national consumer, labor, civil rights and senior citizens advocacy groups, the arrival of a leader is vital because CFPB is the ‘linchpin of the entire Dodd-Frank law,’ said Marcus Stanley, AFR policy director.”
“President Obama stood with consumers and families in making this crucial decision,’ Lisa Donner, executive director of Americans for Financial Reform, said in a statement. ‘Now that the CFPB has a director, it finally has its full authority to protect consumers everywhere in the financial marketplace, from a Wall Street bank to a payday lender or from a mortgage company to a credit bureau or anywhere else.'”
“There is tremendous public support for holding Wall Street accountable, and for ending tricks and traps in the consumer financial marketplace,’ John Carey, spokesman for Americans for Financial Reform, said in a statement.
“‘The forces arrayed on the sides of this battle are incredibly uneven, as they were also during the efforts to pass Dodd-Frank,’ said Lisa Donner, executive director of Americans For Financial Reform. But she added that the Dodd-Frank fight yielded key reforms, even against long odds: ‘The fight’s not done.’”
‘It is a little hard for me to understand because Congress debated, the president signed, they (Collins and Snowe) voted for the bill that included the creation of the bureau as one of its centerpieces,’ said Lisa Donner, executive director of Americans for Financial Reform, a coalition that includes consumer and civil rights groups and labor unions. ‘The bureau’s powers are significantly restrained until it has a director in place. So it is kind of going back and trying to undo what was done.’