AFR sent the letter below to the Senate Agriculture Committee urging Senators to oppose the nomination of Christopher Giancarlo for chair of the Commodity Futures Trading Commission. AFR Opposition Letter To Confirmation of J Christopher Giancarlo
“Americans for Financial Reform opposes the confirmation of Neomi Rao as Administrator of the Office of Information and Regulatory Affairs (OIRA). Professor Rao’s announced views demonstrate an extreme disregard for the independence of financial regulatory agencies and an unwarranted hostility to critical financial protections.”
“H.R. 10, the ‘Financial CHOICE Act’… would be better dubbed ‘Wall Street’s CHOICE Act,’ as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis.”
AFR submitted an additional set of economic growth policy ideas to the Senate Banking Committee, in addition to previous submissions responding to the Committee’s call for ideas. The submitted document is linked below. AFR Additional Economic Growth Submission To Senate Banking Committee
“…These bills would further complicate, confuse, and delay the regulatory process; further advantage regulated industries over the public interest; and make it impossible for regulators to act effectively against Wall Street recklessness and abuse of consumers.”
On behalf of the undersigned 63 organizations, we are writing to express our strong opposition to S. 951, the “Regulatory Accountability Act”, and to urge you to oppose this bill. The Regulatory Accountability Act (RAA) would have a crippling effect on regulation across the
“…This legislation would be better dubbed ‘Wall Street’s CHOICE Act’, as it would have a devastating effect on the capacity of regulators to protect the public interest and defend consumers and investors from Wall Street wrongdoing… This nearly 600-page bill is a radical piece of legislation…”
“…We are writing to express our opposition to the “Financial CHOICE Act” and to urge you to oppose this measure. This legislation would be better dubbed “Wall Street’s CHOICE Act,” as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis. “
“Small businesses are a primary driver of job growth and wealth creation in the United States, providing more than half the country’s jobs and two-thirds of net new jobs. …There is a strong and growing consensus that small businesses should have stronger federal protections in the financial marketplace. …The best agency to oversee protections for small businesses is the CFPB. The CFPB is the primary enforcer of the core statutes that protect borrowers and other users of financial services against misconduct.”
“We, the thirty-one undersigned organizations, are writing this letter in response to the Senate Banking Committee’s request for proposals to foster and improve economic growth. Our purpose in submitting this letter is to urge the Committee to reject any measures which weaken or remove controls