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Read our letter here.
Senators could be voting today on proposals to gut the CFPB and to repeal ALL of the progress we made on financial reform. In a last minute development, opponents of financial reform are pushing for votes TODAY on amendments to gut the new Consumer Financial
A big reason why we have suffered through the financial crisis and Great Recession is that banking regulatory agencies were looking out for short-term profits at big banks – not looking out for consumers, investors or economic stability. The American public wants and needs an
Read our letter here.
Read our letter to Senators urging them to oppose the Moran amendment (#391) to gut the CFPB and oppose DeMint the amendment (#394) to repeal all of Dodd-Frank to Economic Development Revitalization Act, S. 782.
AFR submitted a joint comment with Professor Michael Greenberger of the University of Maryland on Treasury proposal to exempt foreign exchange swaps and forwards from clearing and exchange trading requirements under Dodd-Frank. The letter pointed out that Treasury had not provided any evidence supporting its case that foreign exchange derivatives did not pose systemic risk, and in fact there is very strong evidence from the 2008 financial crisis and today that they do pose such risks.
AFR submitted a comment in response to the CFTC’s request for views on their overall proposed structure for regulating swaps and derivatives. The comment raised several issues concerning conflicts of interest in ownership and management of key areas of derivatives infrastructure, like clearinghouses and swaps data repositories. AFR also raised potential problems with definitions of “commercial risk” that could permit evasion of regulations.
AFR submitted a comment letter to the banking oversight agencies on proposed rules to change pay practices at big banks. The rules include a number of proposals, including mandatory deferral of some compensation, intended to ensure that Wall Street executives are financially accountable for the long-term consequences of their actions. The letter commended a number of positive steps taken in the proposal, but made the case that the deferral and oversight rules would have to be strengthened to fully address the problem.
AFR submitted a comment letter calling on the FSOC to change its proposed rules for Freedom of Information Act (FOIA) requests to better ensure the public’s access to information from financial regulators.