Category Archives: Letters and Statements

News Release: Senate Pandemic Relief Bill Would Weaken Key Safeguard Against Financial Crisis

A provision inserted by Sen. Mike Crapo, chairman of the Senate Banking Committee, would encourage Trump-appointed regulators, who have already sought to reduce the minimum amounts of their own risk capital that banks have to hold during the COVID-19 pandemic, to go further. Sen. Susan Collins, sponsor of the part of Dodd-Frank in 2010 that Crapo wants to gut, has already filed an amendment that would strike the part of Republican bill that would make this change. The Senate should follow her lead and preserve minimum statutory thresholds for bank capital.

Letter to Regulator: Oppose Labor Department Retirement Advice Rulemaking Package

Together, these rules would put the retirement security of millions of American workers and retirees at risk by exposing them to conflicted retirement investment advice without adequate protections to limit the harmful impact of those conflicts of interest. We therefore urge you to withdraw the regulatory package in its entirety and to begin again on a rulemaking proposal that prioritizes protecting retirement savers from the toxic conflicts of interest that pervade the financial services industry.

News Release: Private equity-backed nursing homes do worse during pandemic for residents and staff

Private equity-owned and -backed nursing homes had higher COVID-19 infection and fatality rates for residents, and those same facilities had a disproportionate share of the COVID-19 resident and staff cases and deaths relative to public, non-profit, and other for-profit nursing homes in New Jersey, according to a new report from Americans for Financial Reform Education Fund (AFREF).

Wall Street sign and a stoplight turned red - Photo by Roberto Júnior on Unsplash

News Release: CFTC Rule Dismantles Key Guardrail for Derivatives Market

Cross-border derivatives regulation is the latest area in which Trump appointees are systematically dismantling the post-2008 framework for regulation of Wall Street and the global “too big to fail” banks. Today, the Commodity Futures Trading Commission drastically weakened their rules governing the massive global markets for financial derivatives.

Statement: AFR Mourns Passing of Civil Rights Legend John Lewis

AFR joins the Civil Rights Movement and the nation in mourning the passing of John Lewis. We celebrate his leadership, his outsized contributions to the struggle for racial and economic justice – until the very end of his life – and his steadfastness in demanding and defending a more robust democracy. His work as a legislator with a strong moral compass advanced all these strands of work and highlighted the relationship between them all.

a student with books - Photo by Element5 Digital on Unsplash

Joint Statement: 103 Organizations Agree – Congress Needs to Cancel Student Debt

Today, 103 civil rights, consumer and advocacy organizations and think tanks sent a joint letter to House and Senate leadership, urging them to include student debt cancellation in the next economic stimulus package.

Led by American for Financial Reform, Demos, Center for Responsible Lending and Freedom to Prosper, the letter stresses the ways that if left unaddressed, the student debt trap will deepen our current recession, slow our economic recovery, exacerbate inequality, and deepen a crisis already facing black and brown borrowers and families.