Americans for Financial Reform today wrote to the House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions urging members to rely on existing authority by the Securities and Exchange Commission (SEC) in order to gain more transparency into the $5 trillion private markets (“exempt offerings” under SEC Rule 144A and Reg D) to address national security concerns.
View or download a PDF of the letter here. In advance of the Senate and House hearings on the oversight of prudential regulators this week, AFR filed a statement for the record advocating for the Fed, the OCC and the FDIC to finalize key rulemakings,
Letters to Congress: AFR Letter for the Record in Opposition to a House Ways & Means Committee Anti-ESG Hearing
AFR wrote in opposition to the premise of the House Ways and Means Committee hearing titled “Ensuring what ‘Woke’ Doesn’t Leave Americans Broke: Protecting Seniors and Savers from ESG Activism.” This hearing is part of a much broader, unpopular campaign against common sense investment practices that seeks to force financial actors to ignore a slew of financial risks to the detriment of workers’ retirement security.
View or download a PDF of the letter here. AFR and over 30 organizations wrote to House leadership in opposition to eight anti-ESG bills that were marked up by the House Financial Services Committee and the House Committee on Education and the Workforce. These bills are part
Letters to Congress: Letter in Support of Tanya Otsuka’s Nomination to Serve on the National Credit Union Administration Board
View or download a PDF of the letter here. AFR and other coalition members signed onto a letter supporting Tanya Otsuka to Serve on the National Credit Union Administration (NCUA) Board. Ms. Otsuka has dedicated her career to creating a more stable and equitable financial
Americans for Financial Reform led a coalition letter to Majority Leader Schumer and Minority Leader McConnell urging them to pass S. 2190, the Recovering Executive Compensation from Unaccountable Practices (RECOUP) Act. This legislation would make it easier to hold executives accountable — and prevent the excessive risk-taking that leads to bank failures in the first place.
Americans for Financial Reform sent a letter to the House Financial Services Committee and the Senate Banking Committee supporting the Credit Card Competition Act of 2023. The Credit Card Competition Act will introduce much needed competition in a captured market and benefit consumers.
AFR sent a letter in opposition to four legislative proposals that the House Committee on Education and the Workforce is scheduled to consider at its September 14th Full Committee Markup. These bills’ amendments to the Employee Retirement Income Security Act (ERISA) would undermine workers’ retirement security and are part of a broader political campaign against common sense investment practices. The campaign seeks to force financial actors to ignore a slew of financial risks regardless of the consequences for workers’ retirement security and the integrity of our financial system.
Americans for Financial Reform sent a letter to the House Financial Services Committee opposing bills that undermine shareholders’ ability to make sound financial decisions and hold corporations accountable. In our letter, we provide an overview of the bills noticed during the various ESG hearings and briefly discuss why we oppose them.
Letter to Congress: Letter for the Record in Opposition to H.R. 4766, the Clarity for Payment Stablecoins Act of 2023
Americans for Financial Reform and Demand Progress sent a letter to Congress today expressing opposition to H.R. 4766, the Clarity for Payment Stablecoins Act of 2023. Both groups fear the bill as posted creates a regulatory pathway that is too permissive for so-called stablecoins (which are rarely stable) and that would fail to adequately protect consumers and increase the potential risks stablecoins pose to financial markets and systems.