A bipartisan majority of lawmakers on the Senate Banking Committee last week rejected a series of public interest amendments in order to advance a bill full of gifts to banks.
The notion that this administration is or will be tough on Wall Street doesn’t pass the laugh test, and that fact is evident in deeds, not tweets. Trump has put Goldman Sachs executives in the most senior positions in the government, and pushed for a giant tax cut for Wall Street.
AFR policy director Marcus Stanley testified to the Maryland Financial Consumer Protection Commission on progress in financial regulation Testimony Before Maryland Financial Consumer Protection Commission — Marcus Stanley AGENDA and VIDEO (See December 5th Meeting): http://dls.maryland.gov/policy-areas/maryland-financial-consumer-protection-commission
Today, Rep. Virginia Foxx, Chairwoman of the House Education and the Workforce Committee, introduced a bill to reauthorize the Higher Education Act (HEA) that includes language that opens the floodgates to waste, fraud, and abuse by for-profit colleges.
In the meantime, the CFPB still has work to do holding Wall Street to account on behalf of American consumers, and Ms. English and the CFPB staff can continue its successful run. Now, the president should nominate someone with a track record of fighting for consumers who will enjoy bipartisan support in the Senate.
Mulvaney has said he is opposed to the very existence of the CFPB, and as a member of Congress he voted in favor of Wall Street banks and predatory lenders — his largest donors — again and again. The CFPB has recovered $12 billion in ill-gotten gains on behalf people around this country. It is this work that the administration apparently wants to destroy
“On behalf of Americans for Financial Reform, we are writing to express our support for proposed changes…by the Federal Reserve Board of Governors… to the FR Y-15 systemic risk reporting form… regarding the treatment of cleared over-the-counter derivatives transactions.”
Congress should abandon budget rider proposal that would eliminate independent funding for the CFPB and other poison pills.
“Following a Wall Street-induced financial crisis that cost millions of people their homes and jobs, the CFPB began its work as the first federal body with the mission and capacity to stand up for everyday Americans in their dealings with the financial services companies who have such an impact on our lives each and every day. Obtaining $12 billion in relief for over 29 million Americans is a great accompishment.”
Congress ought to be passing robust new consumer protections, not doing favors for banks. Annual industry earnings by banks set a new record in 2016, and community banks saw even faster growth than big banks. Over 95 percent of community banks turned a profit last year.