AFR in the News Archives - Page 43 of 58 - Americans for Financial Reform

AFR in the News: Volcker conflict-of-interest rule too weak: Levin

Volcker conflict-of-interest rule too weak: Levin – Dave Clarke (Reuters)

“U.S. regulators are not going far enough with the Volcker rule to prevent large banks from betting against their clients’ interests, Senator Carl Levin said on Wednesday. …Levin found fault with language that allows banks to take positions that may conflict with their clients…‘That’s not nearly tough enough for me,’ Levin said at an event examining the Volcker rule that was hosted by Americans for Financial Reform…”

AFR in the News: National Journal’s Need-To-Know Memo – Reform Advocates Outraged Over Proposed CFTC Cuts

Need-To-Know Memo – National Journal

Financial reform advocates are up in arms over the House-Senate conference ‘minibus’ appropriations bill that would slash roughly one-third of what President Obama requested to fund the Commodity Futures Trading Commission for 2012 to $205.3 million, raising questions about how it will be able to enforce new financial regulations. ‘This leaves the agency without the funding it needs to do its job and will make it impossible to implement key aspects of financial reform,’ said Lisa Donner, the executive director for Americans for Financial Reform, in a press release.

AFR in the News: Senators cite MF Global as Volcker rule rationale

Senators cite MF Global as Volcker rule rationale – Ronald D. Orol (MarketWatch)

“Two senators on Wednesday urged approval of regulations to adopt key provisions in the Volcker rule, arguing that the recent failure of MF Global illustrates why it should be approved. …during a gathering organized by Americans for Financial Reform, a progressive-leaning group.” Click here for more.

AFR in the News: Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says

Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says – Phil Mattingly (Bloomberg)

“Volcker rule language aimed at limiting conflicts of interest between U.S. banks and their clients is ‘not nearly tough enough,’ Senator Carl Levin said. Levin, a Michigan Democrat who helped draft the Dodd-Frank Act ban on proprietary trading for deposit-taking banks, said today…at an Americans for Financial Reform conference in Washington.”

AFR in the News: How lobbyists make government regulations more burdensome

How lobbyists make government regulations more burdensome – Suzy Khimm (Washington Post)

“One of the chief complaints you hear about Obama’s Wall Street reform law is that it imposes hugely complex, burdensome regulations on businesses. But why did that happen? It’s partly because industry lobbyists have pushed so hard to carve out exemptions in the law. That’s what happened with the Volcker Rule…The rule originally started out a 10-page provision that has ballooned to nearly 300 pages with scores of exemptions in place, as some supporters of the reform pointed out at an event on Wednesday. …at the gathering, sponsored by Americans for Financial Reform.”

AFR in the News: Volcker Rule Costs Banks $1 Billion, U.S. Government Says

Volcker Rule Costs Banks $1 Billion, U.S. Government Says – Silla Brush (Bloomberg)

“‘Only $50 million of these costs are these kinds of costs of government regulation,’ said Marcus Stanley, policy director for Americans for Financial Reform, a coalition of 250 groups including the AFL-CIO labor group and AARP. The cost ‘is very small compared to potentially making trillions of dollars in assets safer,’ he said in a telephone interview.’”

AFR in the News: Lawmakers to Propose Transaction Tax for Financial Firms Modeled on Europe

Lawmakers to Propose Transaction Tax for Financial Firms Modeled on Europe – Phil Mattingly (Bloomberg)

“The AFL-CIO and National Nurses United, a professional association and union for nurses, have scheduled a rally in front of the Treasury Department on Nov. 3 in support of the fee. Americans for Financial Reform…is circulating petitions in support of the measure.”

AFR in the News: Obama To The Rescue On Federal Student Loans, But What About Private Loans?

Obama To The Rescue On Federal Student Loans, But What About Private Loans? – Eva Pereira (Forbes)

“The new Consumer Financial Protection Bureau (CFPB) aims to make the education lending market much more transparent with its KnowBeforeYouOwe project, but for those already knee deep private debt, there is little recourse. Several distressed borrowers shared their private loan struggles on a recent call organized by the Americans for Financial Reform, a consumer rights coalition.”

AFR in the News: Private Student Loan Debts Highlight Need for Fully Operational CFPB

AFR in the News: Private Student Loan Debts Highlight Need for Fully Operational CFPB The Institute for College Access & Success and Americans for Financial Reform hosted a conference call with reporters and bloggers on Tuesday, October 25th to discuss private student loan debt and

AFR in the News: Protesters Rally Around Trading Tax

Eliza Newlin Carney (Roll Call)

“After weeks of waving signs and chanting with no clear policy objective, Occupy Wall Street protesters finally have an issue to rally around: a tax on Wall Street. Known in Occupy movement parlance as the ‘Robin Hood tax,’ taxes on trades of stocks, bonds and derivatives are getting a fresh look on Capitol Hill and may draw thousands of protesters to Washington, D.C., next week. Helping lead the charge are an unlikely breed of tax activist: registered nurses. … ‘There [are] people in the streets angry about economic inequality, and angry about what Wall Street has gotten away with,’ said Lisa Donner, executive director of Americans for Financial Reform, which supports both bills.