Category Archives: Letters and Statements

eagle statue outside a federal reserve bank

Statement: AFR on the Fed’s “Broad Market Index” for the Secondary Market Corporate Credit Facility

The Federal Reserve Bank of New York announced the initial composition of the index they will be using to purchase corporate bonds through its Secondary Market Corporate Credit Facility (SMCCF). The corporations included in their June 5 “Broad Market Index” raise serious concerns about public benefit, solvency, and further incentivizing companies to take on additional debt unnecessarily.

FACT SHEET: Banking on Surveillance: The Libra Black Paper

Because Faceboook’s active-user network alone represents more than a third of the global population, its ambitions raise the spectre of systemic risk not only in the United States, but across jurisdictional lines. Indeed, a global stablecoin system like the Libra project could pose especially substantial risks to certain developing economies, where Libra Coins could functionally replace the local currency.

photo of a student borrower looking sadly at the sky - Photo by Matese Fields on Unsplash

Statement: Narrowing student debt cancellation in the Heroes Act leaves out millions and surrenders a key tool for economic stimulus

As Congress considers the next steps to rebuild the U.S. economy, student debt cancellation must remain a priority. Speaker Pelosi said that the third pillar of the Heroes Act is “putting much-needed money into the pockets of the American people.” Narrowing the student debt cancellation provisions in the HEROES Act surrenders a crucial tool to address this economic crisis that would do exactly that.

students in graduation cap and gowns - Photo by Caleb Woods on Unsplash

Statement on the Student Loan Cancellation Provisions of the HEROES Act

The HEROES Act provides needed relief to the 45 million student loan borrowers in the U.S., tackling the ongoing economic fallout caused by the coronavirus with an approach that research shows would boost the economy overall. HEROES includes $10,000 in federal student debt cancellation, which would leave as estimated 16 million borrowers completely debt-free. It also extends the CARES Act suspension of student loan payments to September 2021, giving borrowers a chance to recover on the same timeline the economy is projected to need to return to pre-coronavirus productivity.