Category Archives: In the News

In the News: A New Vision for a Just Financial System (The Washington Monthly)

“Blaming deposit insurance itself, however much the rescue of SVB depositors sticks in the craw, would be precisely the wrong reaction to this year’s crisis. The true injustice of the moment lies not in extending deposit insurance but in the paucity of obligations that bankers face in return,” AFR’s Communication Director, Carter Dougherty wrote.

In The News: Fed faults Silicon Valley Bank execs, itself in bank failure (AP)

Alexa Philo, a former bank examiner for the Federal Reserve Bank of New York and senior policy analyst at Americans for Financial Reform, said the Fed could adopt stricter rules on its own, without relying on Congress. “It is long past time to roll back the dangerous deregulation under the last administration to the greatest extent possible, and pay close attention to the largest banks so this crisis does not worsen,” she said.

In the News: Child care costs rising with more private equity firm investments (Scripps News)

“Increasingly, in the past — especially after the pandemic — we’ve seen this big surge in parents who are interested in providing other activities for their kids that they weren’t able to previously do. And so, as a result of that, we’ve seen much more money from the private equity industry go into childcare,” said Andrew Park, senior policy analyst at Americans for Financial Reform.

In The News: Consumer Agency’s Funding System Gets Supreme Court Test at Biden’s Behest (Bloomberg)

“The best that can be said here is that the Supreme Court appears to appreciate the gravity of this case and the danger for the CFPB, the Federal Reserve, consumers and overall financial stability,” said Elyse Hicks, a lawyer at the progressive Americans for Financial Reform. “But the justices now need to reverse what the lower courts have wrought, which is already causing trouble.”