More than 50 charities are supporting a British campaign to levy a tax on transactions between financial institutions, which can be used to help fight poverty, protect public services and tackle climate change. The 0.05% “Robin Hood” tax on financial trades could raise $700bn for
Frank Statement on Consumer Protection Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement about the need for increased consumer protection in the financial industry: “I welcome Elizabeth Warren’s forceful Op-Ed in today’s Wall Street Journal making a
A student at the University of Indiana published this op-ed in an Indiana paper supporting the Consumer Financial Protection Agency. High-cost, unregulated private student loans are just one example of why we need a strong Consumer Financial Protection Agency. U.S. Sen. Evan Bayh, D-Ind., sits
The California Reinvestment Coalition released this report (PDF) about subprime lending to communities of color in California. Here are their key findings: Lenders saturated California neighborhoods with high-cost and predatory loans: In 2006, in each city, lenders were more likely to make high-cost loans in
AFR Director Heather Booth has a new column on the Huffinton Post exposing Frank Luntz’s lies about financial reform. Here’s an excerpt from her post: Seen this ad from the “Committee for Truth in Politics”? If the name weren’t comical enough, the visuals are. But
John Taylor, President & CEO of the National Community Reinvestment Coalition (NCRC), discussed the next wave of AIG bonuses on Fox Business News. In response to another guest’s hemming and hawing about what is appropriate compensation and how a salary is defined, John really made
Paul Volcker, Chairman of the president’s Economic Recovery Advisory Board and former Federal Reserve Chairman, published this op-ed in the New York Times. Here are excerpts: The phrase “too big to fail” has entered into our everyday vocabulary. It carries the implication that really large,
Reuters reports: Reforming the $450 trillion derivatives market is key to removing the risks of financial markets, and greater central clearing of privately traded derivatives is a vital part of that, the head of the Commodities Futures Trading Commission said on Friday. Central clearing, in
NPR’s All Things Considered talked with a consumer in California who moved his money to a community bank, and discussed the Move Your Money campaign. Listen here.
Leo Hindery, Jr. is chair of the US Economy/Smart Globalization Initiative at the New America Foundation. He is the former chief executive of AT&T Broadband and other major media and telecom companies, and published this editorial on CNN Opinion. New York (CNN) — What if,