Statements and Press Releases Archives - Page 38 of 83

AFR Statement: Quarles represents failed policies of the past

“Mr. Quarles was part of the regulatory team at the Bush Treasury Department that missed the oncoming 2008 financial crisis and failed to take any effective action to stop that crisis. [He] did not take action or speak up against Wall Street excesses in advance of the 2008 crisis. Since the crisis he has made his opposition clear to strong regulatory action to prevent the re-emergence of the same risks in the future… The American people need and deserve better in this critical post.”

New Report Shows Need for Federal Oversight of Secret Arbitration: All Firms in Flagrant Violation of California’s Disclosure Law

A major new report released today found that private arbitration firms that decide claims against corporations accused of fraud, sexual harassment, wage theft, abuse of nursing home residents, and other illegal activity are themselves violating the law.

AFR Report: Treasury Does Bidding of Big Banks in Dodd-Frank Report

In its rush to eviscerate the Dodd-Frank reforms, Treasury Department adopted over three-quarters of the ideas put forth by The Clearing House, an association of the biggest U.S. and international banks

Joint Statement: Over 222,000 Call on Congress to Reject the CHOICE Act

A coalition of organizations delivered a petition with over 222,000 signatures calling on Congress to oppose the Financial CHOICE Act.

AFR Statement: Budget Takes Aim at CFPB and Student Loan Holders

“Without exception, the proposals we’ve seen to de-fund or restructure the Consumer Financial Protection Bureau are about making it less effective at doing its job,” said Brian Marshall, policy counsel at AFR. “The agency has won relief worth $12 billion for 29 million Americans since it started work. All these proposed changes to the CFPB would do is make it easier for Wall Street and assorted predatory lenders to rip people off.”

Joint Statement: Another Step Forward for Retirement Savers

From a statement by the Save our Retirement Coalition: “Retirement savers need an enforceable fiduciary standard and a Department of Labor that is prepared to hold firms accountable for compliance. Until the full complement of rule requirements takes effect, their hard earned savings will continue to be at risk as a result of conflicted advice from financial professionals who put their own financial interests ahead of their customers’ best interests. Yesterday’s decision was an important step forward, but there is still a long road ahead.”

AFR Letter: Oppose the Regulatory Accountability Act

Throwing up elaborate procedural hurdles isn’t a recipe for to good government. It’s a deliberate plan for increasing the control that Wall Street’s lobbyists have over government decision-making at the expense of the public interest.

Joint Statement: Prepaid Card Protections Escape Congressional Veto

“‘This rule will give consumers, including people who rely on prepaid debit cards instead of a bank account, the basic protections they need to manage their finances more safely and securely,’ said Lisa Donner, executive director at Americans for Financial Reform. ‘When people learned it was under threat, they made the case that this rule is important and workable, and it looks like enough lawmakers paid attention.'”

“Take on Wall Street” Statement: Time to Close an Egregious Loophole

“‘It’s hard to find a more egregious example of Wall Street billionaires rigging the rules for their own advantage than the carried interest loophole,’ said Jon Green, Campaign Manager for the Take on Wall Street campaign. ‘It is an outrageous and unfair benefit for the wealthy and powerful for no reason other than that they are wealthy and powerful. Every member of Congress should stand with Senator Baldwin and Representative Levin in supporting this bill.'”

Joint Statement: Oppose Rollback of Fiduciary Rule in Congressional Budget Process

“Every additional day that the rule is not implemented and enforced is a day that allows Wall Street firms to drain their clients’ hard-earned savings to the tune of $45 million. Americans saving for an independent and secure retirement need and deserve lawmakers who side with their interests, not Wall Street’s.”