Cutting corporate tax rates, a main purpose of the tax proposals would disproportionately benefit big banks. Goldman Sachs is a dominant voice in the Trump administration thanks to appointees like Treasury Secretary Steve Mnuchin and White House economic adviser Gary Cohn.
House vote to roll back CFPB rule limiting forced arbitration aids big banks and predatory lenders while stopping ordinary Americans from getting their day in court.
“In selecting Mr. Quarles, the Trump Administration has reached back to the economic team of the Bush Treasury, where Mr. Quarles served from 2001 to 2006…. Like the rest of the Bush Administration team, Mr. Quarles showed no evidence of being aware of the historic meltdown of the U.S. and global financial sector that was about to occur, or of the significance of the toxic and fraudulent Wall Street activities that were taking place on his watch.”
In a tough test for the public’s view of the rule, likely voters concluded the rule helps hold companies accountable, and rejected notions that it will encourages frivolous lawsuits.
Strong, bipartisan majorities nationwide back the Consumer Financial Protection Bureau’s rule curbing forced arbitration and giving consumers their day in court.
Rolling back CFPB rule banning forced arbitration would be a giveaway to Wells Fargo and predatory lenders. Lawmakers should oppose this cynical effort.
The Take On Wall Street campaign, a group of over 50 community groups, unions, consumer advocates and others today called on Senate Finance Committee Chairman Orrin Hatch to adopt tax reform measures that would raise more than $1 trillion in additional revenue, and discourage dangerous Wall Street speculation by requiring the financial services industry to pay its fair share of taxes.
Voters overwhelmingly favor regulation of Wall Street and strongly support the work of the work of the Consumer Financial Protection Bureau (CFPB), according to a poll released today by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL).
Arbitration rule letter
“Americans for Financial Reform (AFR) appreciates the opportunity to provide this statement for the record of this Financial Institutions and Consumer Credit Subcommittee hearing, which considers several bills that would significantly undermine consumer financial protection and the safety and soundness of the financial system. Although the hearing is entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions,” the bills under consideration are not focused principally on community financial institutions. The most sweeping provisions of these bills apply to all institutions, many of which would radically decrease oversight of the nation’s largest banks and increase the risk of harm to the public.”