President Biden’s renomination of Jerome Powell to chair the Federal Reserve Board is a major disappointment to those of us who have fought for tougher regulation of Wall Street as a key tool for protecting financial stability and building a more just and sustainable economy.
Statement: The House-Passed Build Back Better Act is the First Step Next, it Must be Paid for by the Rich and Corporations
Today, the House passed the Build Back Better Act, sending historic investments in white, Black and Brown working people to the Senate.
News Release: Bipartisan Legislation Would Expand Military Lending Act Protections on Payday Loans to Veterans and Civilians Alike
Americans for Financial Reform supports the introduction of the Veterans and Consumers Fair Credit Act of 2021. This legislation would extend the 36 percent APR cap on payday and car-title loans in the Military Lending Act (MLA) to cover all borrowers.
Acting Comptroller Michael Hsu announced that the Office of the Comptroller of the Currency (OCC) plans to develop climate risk supervisory expectations for large banks and issue guidance for comment by the end of the year. Over the past year, Americans for Financial Reform Education Fund and partners have urged the OCC and other banking regulators to take this important initial step immediately. We applaud Acting Comptroller Hsu for his leadership on this issue and we urge the other regulators to follow suit and issue guidance by the end of the year.
The Americans for Financial Reform Education Fund views the current state of the stablecoin market as a danger to consumers and to financial stability, and we are disappointed that the President’s Working Group (PWG) has focused on Congressional action as the central path for responding to these challenges.
News Release: Sen. Elizabeth Warren and Rep. Mark Pocan Join Town Hall, Build Momentum for Halting Private Equity Abuses of Workers, Communities
At a town hall hosted by United for Respect and Americans for Financial Reform, workers and leaders across industries came out strongly in support of the Stop Wall Street Looting Act. The event focused on the devastating impact of private equity firms on the quality and quantity of jobs across industries.
The U.S. Treasury Department released its climate finance report on Thursday evening following a meeting of the Financial Stability Oversight Council (FSOC) where members voted to approve the report. Though strong in some areas like climate risk disclosure and scenario analysis, the report largely highlights agency actions that are already underway, and it fails to lay out a comprehensive roadmap with specific recommendations and timelines for regulators to consider beyond the assessment and disclosure of climate risk, Americans for Financial Reform (AFR) and Public Citizen said.
Following reports that Facebook is scaling up its cryptocurrency efforts with the launch of a pilot of its cryptocurrency wallet “Novi”, Demand Progress Education Fund and Americans for Financial Reform Education Fund released the following joint statement.
The Stop Wall Street Looting Act would rewrite the rules that shape the private equity industry, which now has about $7.1 trillion in assets and wealth under its control, so that regulation and market incentives promote productive, sustainable investment, not the wealth extraction that now is all too common.
Public Citizen, Sierra Club, 350.org, Americans for Financial Reform, Evergreen Action, and Action Center on Race and the Economy today delivered more than 40,000 petition signatures to U.S. Treasury Secretary Janet Yellen demanding that an upcoming report highlight the gravity of climate threats to our financial system and identify concrete steps that financial regulators should take to address them.