The “Volcker Rule” is a part of the Dodd-Frank Wall Street reform bill that bans banks and other large, critical financial institutions from making risky, speculative bets using taxpayer backed funds – a practice called “proprietary trading.” Tell the financial regulators to write a strong “Volcker Rule” and end excessive speculation at big Wall Street banks that puts the public at risk.
AFR sent a letter to members of congress urging them to reject HR 3283, a bill that would exempt foreign affiliates of U.S. banks from all the major protections against derivative risks contained in Title VII of Dodd-Frank.
AFR sent a letter to members of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit asking that they reject HR 2081 and HR 1355, two bills that would cripple the CFPB.
Click here to view this week’s highlights and lowlights in Wall Street Reform – January 28, 2012 – February 3, 2012.
Nine public interest organizations sent a letter to the U.S. Securities and Exchange Commission, asking the agency to reject the Carlyle Group, L.P.’s attempt to insert forced arbitration language into its registration statement for its initial public offering. The inserted language both limits shareholders’ rights and weakens the agency’s oversight abilities.
AFR submitted a comment letter to the FDIC, OCC, and Federal Reserve Board in response to their joint request for comment on new rules replacing the use of credit ratings in setting capital requirements for debt and securitization positions held by banks.
AFR sent a letter to members of Congress asking that they oppose HR 3461, the “Financial Institutions Examinations Fairness and Reform Act.” This legislation would tilt the playing field further in the direction of industry interests and tie the hands of regulators attempting to protect the public interest.
AFR signed onto a comment letter to the CFPB with 21 organizations recommending that they expand their excellent proposal to create a public database for credit card complaints to include actual complaint narratives, and suggestions to make it easier for researchers and the public to access the data as a pre-purchase tool to avoid problems and to help identify where troubling trends lie.
(Comments drafted by Consumer Action)
Click here to view this week’s highlights and lowlights in Wall Street Reform – January 21, 2012 – January 27, 2012.
Read our letter to members of Congress urging them to reject HR 1840, 2779, 2586, 2682, and 3527, a series of derivatives bills in the House Agriculture Committee that would severely weaken regulation.