The message, for too long, has been that policymakers must choose between policies that protect shareholders’ interest and those that protect workers’ interests. Investors know that economic stability is good for investment outcomes. Over the long-term, economic stability requires broad-based economic growth and shared prosperity.
Join us on May 21st for an analysis and discussion of the important developments in the regulation and supervision on big banks, and their effects on financial security and economic stability. View the details here, or below.
AFR submitted the below statement to the Senate hearing on Guidance and Supervisory Expectations AFR Submission to Senate Banking Committee April 30th Hearing
The $1.9 billion Wall Street poured into American politics includes contributions to campaign committees and leadership PACs ($922 million) and lobbying expenditures ($957 million). The money backed a massive rush of pro-industry nominees and legislation over the last two years, at a time when the biggest banks made $100 billion in profits for the first time.
On April 29, 2019, AFR Education Fund and several coalition partners sent a letter to the U.S. Department of Housing and Urban Development (HUD) about our concerns with the Office of Inspector General’s April 9, 2019 report regarding the servicing of mortgage loans eventually sold through
Unfortunately, while we believe it would be possible to adopt standards that meet investors’ reasonable expectations under the Commission’s chosen regulatory approach, the regulatory package as currently drafted does not achieve that goal.
The financial cycle is a concept developed by economists to understand the reasons why finance-driven growth can be self-defeating. Policymakers need to rebalance our response to recessions and financial crises to prevent any repetition of the experience of 2008-2009, in which benefits flowed to Wall Street, not ordinary Americans.
New members of Congress demonstrated substantially less reliance on money from the financial services industry than incumbents who won re-election in 2018. First-term Democratic members of the House raised, on average, 17 percent of the money for their campaign committees from small donors, compared with 9.4 percent by Democratic incumbents who won re-election.
On behalf of the 61 undersigned organizations, we are writing to urge you to co-sponsor the Wall Street Tax Act of 2019 being introduced by Sen. Brian Schatz (D-Hawaii) and Rep. Peter DeFazio (D-Ore.).
On February 28, 2019, AFR Senior Fellow Heather Slavkin Corzo offered testimony at a hearing entitled “Legislative Proposals on Capital Formation and Corporate Governance,” before the Senate Banking Committee. Read or download a PDF version of the testimony by following this link.