“Investors know that climate change is a threat that some companies aren’t taking seriously enough. They need information that lets them better understand climate risks and opportunities to see who they can trust to thrive in a low-carbon future economy.”
–Alex Martin, Senior Policy Analyst, Americans for Financial Reform Education Fund
President Biden today issued an executive order that outlines the administration’s plan to manage the financial risks associated with the climate crisis. The order highlights the administration’s determination to use all the resources of the federal government to combat the threat that climate change poses to financial stability.
In a 52-47 vote last night, the U.S. Senate voted to overturn a Trump administration regulation that would allow predatory lenders to evade state interest rate laws by putting a bank’s name on the paperwork.
“The House must now move swiftly to join the Senate and prevent any more rent-a-bank schemes from taking root in the 45 states that cap or otherwise regulate interest rates,” said Linda Jun, senior policy counsel for Americans for Financial Reform.
Advocates welcomed reports that Treasury Secretary Janet Yellen plans to appoint a new acting head of the Office of the Comptroller of the Currency (OCC), replacing Blake Paulson, in light of the highly deceptive and false claims that the agency, under Paulson’s leadership, put forward as Congress debates overturning the OCC’s “fake lender” rule.
In a rare form of bipartisan agreement, a group of 25 Attorneys General (AGs) sent a letter today to Congressional leadership urging it to “use the Congressional Review Act (CRA) to rescind the Office of the Comptroller of the Currency’s (OCC’s) “True Lender” rule in order to “safeguard states’ fundamental sovereign rights to protect their citizens from financial abuse.”
During the 2019-20 election cycle, Wall Street spent at least $2.9 billion on campaign contributions and lobbying to influence policy in Washington, according to a report released today by Americans for Financial Reform. That total, which amounts to $4 million a day, shatters the previous record of $2 billion set in the 2015-16 presidential cycle. The highest-ever level of spending by Wall Street banks and financial services reflects the industry’s relentless push to influence decision-making, regardless of the party that controls Congress or the executive branch.
A group of 24 groups today called on President Biden to nominate jurists to the federal courts who reflect a commitment to professional diversity and to reach beyond the large legal firms that often furnish many judicial nominees.
“The FSOC and Treasury must pivot from this meeting and push lagging regulators to turn today’s words on climate into bold and timely action. At its next meeting, the FSOC should take the concrete steps we recommend in the Climate Roadmap. There’s still time to act, but no more time to delay.”
— Alex Martin, Senior Policy Analyst, Americans for Financial Reform Education Fund
The “Climate Roadmap for U.S. Financial Regulation,” from Americans for Financial Reform Education Fund and Public Citizen, outlines how Biden appointees can protect investors, workers, and the economy from the escalating risks caused by the climate crisis, while also shifting the regulatory framework towards one that promotes the transition to a low-carbon future.