Public Citizen and Americans for Financial Reform today delivered petitions signed by more than 17,000 people calling on the CFTC to stand firm in applying derivative standards to all the dealings of U.S. banks and their overseas subsidiaries.
“Last week’s Senate report on JPMorgan Chase’s ‘London Whale’ trades should have redoubled Washington’s resolve to carry out the basic derivatives safety measures of Dodd-Frank. But too many members of the House Agriculture Committee seem to have their heads buried in the sand.”
March 27, 2013 Joseph A. Smith Office of Mortgage Settlement Oversight 301 Fayetteville St., Suite 1801 Raleigh, NC 27601 Members of the Monitoring Committee Via electronic mail Dear Mr. Smith and Members of the Monitoring Committee: We write to follow up on your interim report
43 Senators are using the confirmation process to extract major, weakening changes in CFPB governance and funding. “We call on the Senate to reject this outrageous tactic and bring Richard Cordray’s nomination to a swift up-or-down vote.”
“For the economy’s sake as well as the sake of financial consumers – which is all of us – the country needs a fully functioning CFPB, with a confirmed director.”
With too many in Washington once again echoing the “What’s good for us is good for America” mantra of Wall Street, the Senate’s new findings should shred any argument for retreat from key reforms.
Wallace Turbeville, Senior Fellow at Demos and member of AFR, testified before the House Agriculture Committee voicing AFR’s opposition to legislation that would significantly alter the Dodd-Frank Act in ways that effectively deregulate the financial sector and work against the goals of a safer, more stable, and more fair and efficient financial system.
AFR’s Marcus Stanley was interviewed by Peter Barnes of Fox Business News on March 11.
AFR signed onto a letter with more than 270 national, state and local groups, as well as concerned individuals to urge regulators to ensure that banks cease to offer payday loans and to prohibit any expansion of these dangerous loans.
AFR released a statement calling for the confirmation of Richard Cordray as Director of the CFPB.