Financial Reform News Archives - Page 16 of 122 - Americans for Financial Reform

Letter to Congress: Oppose Wall Street’s CHOICE Act–Devastating to Financial Protections

“…We are writing to express our opposition to the “Financial CHOICE Act” and to urge you to oppose this measure. This legislation would be better dubbed “Wall Street’s CHOICE Act,” as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis. “

AFR IN THE NEWS: Legislation Could Follow Executive Order on Failing Bank Provision (Morning Consult)

“’If the government doesn’t have the powers it needs to liquidate and wind down a failing mega-bank, we will just see banks holding up the taxpayer again during the next crisis,’ Marcus Stanley, policy director at Americans for Financial Reform, said in a statement Friday.”

Letter To Regulators: Department of Labor Must Not Weaken The Conflict of Interest Rule

“On behalf of Americans for Financial Reform, we are writing to express our support for the Department of Labor’s (DOL’s) conflict of interest rule or “Fiduciary Duty” rule and our strong opposition to eliminating or weakening the rule. This rule strengthens protections for retirement savers

Policy Brief: Republicans’ Tax Plan is a Giveaway to Wall Street

“Wall Street banks are already expert tax-dodgers. According to Institute on Taxation and Economic Policy data, nine of the largest and most profitable U.S. banks paid an average federal tax rate of only 18.6% between 2008 and 2015–far less than the statutory rate of 35%. …Tax plans from President Trump and House Republicans would only make it easier for Wall Street to rig the tax code and avoid paying their fair share.”

AFR Event: Retirement Ripoff Counter Shows Losses of $532 Each Second Without Fully Enforced Fiduciary Rule

A new “Retirement Ripoff Counter” unveiled today at an event with Senator Elizabeth Warren and AFL-CIO President Richard Trumka shows how important it is that the fiduciary rule be fully implemented. Bad advice costs Americans $46 million a day, $1.9 million per hour, and $532 a second.

AFR IN THE NEWS: What Wells Fargo dodged by agreeing to pay $110 million to settle fake accounts case (Washington Post)

“’It is certainly not a coincidence after months of concerted pressure’ that Wells Fargo would opt to settle rather than litigate the issue, said Amanda Werner, arbitration campaign manager for advocacy groups such as Public Citizen and Americans for Financial Reform. ‘We’re happy to see that, but it doesn’t solve the problem in general. Essentially until we have strong federal rules and laws, we’re just waiting for the next scandal to happen.’”

AFR Statement: Oppose Gorsuch Nomination to Supreme Court

Judge Gorsuch’s stated views suggest his appointment would also help financial companies’ efforts to eliminate the rules necessary to protect the economy from another financial calamity induced by Wall Street’s recklessness

AFR Statement: Acosta Must Commit To Fiduciary Rule On Time, In Full

The public deserves to know whether Alexander Acosta stands for seniors, and everyone saving for retirement, or whether he sides with the worst elements of Wall Street

AFR IN THE NEWS: Donald Trump Literally Nominated The Goldman Sachs Bailout Lawyer To Run The SEC (Huffington Post)

“‘Jay Clayton has spent his entire career serving Wall Street, representing Goldman Sachs and other big banks,’ says Americans for Financial Reform Executive Director Lisa Donner. ‘Americans need an SEC Chair who will stand up to those interests, not represent them.'”

AFR Statement: Don’t Delay or Gut The Fiduciary Rule

Americans for Financial Reform, a broad coalition including civil rights groups, consumer advocates, community organizations, and labor unions, today called on the Trump administration to abandon its proposal to delay a planned rule that protects ordinary investors from unscrupulous financial advisers.