This legislation would prevent the Department of Labor from addressing flaws in protections for retirement savings, protections that have not been updated for almost forty years. It would also delay efforts of the Securities and Exchange Commission to raise the standard of conduct that applies to brokers when they give advice to retail investors.
AFR letter sounds the alarm against HR 1003, which would undermine Dodd-Frank by more than doubling the number of cost-benefit analysis requirements imposed on the Commodity Futures Trading Commission (CFTC).
Under current practice, investors seeking brokerage and other financial advisory services must agree in advance to submit any complaints to arbitration by an industry-run regulatory body. The Investor Choice Act would restore the right of investors to take such disputes to a court of law, if they prefer.
Senator Pat Roberts (R-Kan.) has introduced legislation directing U.S. companies to refuse to comply with the proposed tax. Rather than trying to obstruct the EU proposal, “U.S. elected officials should be considering the potential benefits that such taxes could deliver for this country.”
AFR joined AARP, AFL-CIO, Consumer Federation of America, Demos, Pension Rights Center, Public Citizen, and U.S. PIRG in sending a letter to members of the Senate urging them not to sign a letter being circulated by Senator Tester attempting to stop a Department of Labor rule making to protect retirement savings by closing gaps and loopholes in fiduciary duty requirements in connection with ERISA funds.
AFR joined the AFL-CIO, AFSCME, Consumer Federation of America, SEIU, and U.S. PIRG in sending a letter to the Senate opposing S. 710. S. 710 would weaken accountability for financial advice to municipalities, harm communities, and is unnecessary given the exemptions that already exist in the law and the authority of the SEC to address any outstanding issues.
AFR joined more than 160 public interest groups in urging the Senate to confirm Richard Cordray as Director of the CFPB.
AFR sent letters to members of the House and Senate urging them to support full funding for the CFTC. The CFTC’s role in regulating commodity markets is vital to overall financial stability and cannot do its job without this vital funding.
AFR sent a letter to members of Congress urging them to oppose HR 1038. This legislation would make it easier for major dealers in the energy markets to avoid appropriate designation as swaps dealers, and would also remove important protections for public utilities in their swaps transactions.
AFR sent a letter and one pager regarding HR 1256, the “Swaps Jurisdiction Certainty Act” to members of Congress, urging them to oppose the bill. HR 1256 would severely undermine regulators ability to protect U.S. taxpayers from risks that arise from overseas derivatives trading.