Category Archives: Letters and Statements

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AFR Statement: Trump economic plan would block progress on financial reform

Speaking in Detroit on August 8, Donald Trump outlined the very broad brushstrokes of an economic plan that included a “temporary moratorium on new agency regulations.” Such a moratorium would block the implementation of crucial Dodd-Frank rules that have yet to be written or put into final effect. It would also slam the brakes on many ongoing efforts to protect American consumers. Proceeding with these much-needed financial regulations is vital not just to the economic security of American families, but also to the economic stability of the country as a whole.

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Joint Statement: Democratic Platform Calls for Strong Steps to Curb Revolving Door Abuses

“The financial crisis of 2008 exposed glaring weaknesses not only in the regulations governing Wall Street, but in the institutions charged with writing and enforcing them. It is good news that the Democratic platform includes language highlighting the revolving door and affirming a set of concrete steps to deal with aspects of this problem. It is of the utmost importance that any next president appoint regulators who are willing to stand up to Wall Street in order to stand up for the rest of us,” said Lisa Donner, director of Americans for Financial Reform.”

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Joint Statement: New Bipartisan Poll: By a 3 to 1 Margin Voters Support Restoring Right to Consumer Class Actions and Ending Wall Street’s ‘Get-Out-of-Jail-Free’ Card

“A new national poll found that, by a margin of 3 to 1, voters strongly support restoring consumers’ right to join together to take legal action against banks and other financial services companies that break the law. With the House of Representatives set to vote today on a multi-agency appropriations bill with riders that would strip the CFPB’s authority to act on forced arbitration, voters of all political parties express majority support for federal action to restrict the practice. “

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Joint Letter: AFR and 7 allies call for crackdown on another private equity tax dodge

“Unlawful monitoring fee deductions… have been claimed by the private equity industry on an annual basis for many years… Hundreds of millions, if not billions, of tax revenue is lost each and every year of enforcement delay because of the statute of limitations. We hope and expect the IRS to actively, vigorously, and expeditiously enforce current law with respect to ongoing monitoring fee arrangements.”

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AFR Statement: AFR Statement for the Record on the Senate Banking Committee Hearing “Assessing the Effects of Consumer Finance Regulations”

“It is less than five years since the Consumer Financial Protection Bureau (CFPB) was established. Since then, the CFPB has fulfilled Congress’s vision of a federal agency with “the authority and accountability to ensure that existing consumer protection laws and regulations are comprehensive, fair, and vigorously enforced.”

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AFR Statement: The State of Financial Reform

In his final State of the Union address, President Obama reminded the nation that “food stamp recipients didn’t cause the financial crisis; Wall Street recklessness did.” While he did not linger on the subject, the totality of his remarks made a strong case for measures to make the financial system safer and fairer. We agree about the need for such measures, and we laud the progress that has already been made. But, as we enter the final year of this administration, there is more that needs to be done.

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AFR Statement on Final SEC Rule on Money Market Funds

AFR issued a statement on the final SEC rule on money market funds. AFR feels that these reforms are inadequate, and encourages the SEC to work with other regulators to address remaining systemic risks related to money market funds.