“Wall Street banks are already expert tax-dodgers. According to Institute on Taxation and Economic Policy data, nine of the largest and most profitable U.S. banks paid an average federal tax rate of only 18.6% between 2008 and 2015–far less than the statutory rate of 35%. …Tax plans from President Trump and House Republicans would only make it easier for Wall Street to rig the tax code and avoid paying their fair share.”
“The Warren-McCain bill would restore the Glass-Steagall firewall and update it for the 21st century by fully addressing new developments like the massive growth in the market for complex derivatives and securities lending. By forcing the separation of commercial and investment banking, it would break up “too big to fail” banks that combine both activities, and reduce their power over the financial markets and the economy.”
A new “Retirement Ripoff Counter” unveiled today at an event with Senator Elizabeth Warren and AFL-CIO President Richard Trumka shows how important it is that the fiduciary rule be fully implemented. Bad advice costs Americans $46 million a day, $1.9 million per hour, and $532 a second.
“Jay Clayton’s entire career of representing major Wall Street banks, advancing their interests at the expense of the public, helping them avoid accountability, stands in contradiction to the very mission of the agency he has been nominated to lead… Those who voted in favor of his appointment — both Democrats and Republicans –will have some explaining to do to constituents who are sick and tired of letting Wall Street continue rig the economy so all of the gains go to those at the very top.”
Public Citizen and Americans for Financial Reform applaud the announcement of a proposed $110 million settlement for consumers harmed by the bank’s fraudulent account scheme in multiple class-action lawsuits against Wells Fargo.
AFR submitted the comment letter linked and excerpted below that strongly opposes the Department of Labor’s proposal to delay fiduciary protections for retirement investors.
AFR and dozens of other organizations weigh in against the Department of Labor’s proposed delay of the fiduciary rule.
Wall Street often seeks regulatory changes in budget bills, something the American public does not need. Any proposed changes to financial reform deserve an open debate.
During the 2015-16 election cycle, Wall Street banks and financial interests spent more than $2 billion to influence decision-making in Washington, according to a report released today by Americans for Financial Reform. That total, derived from an exclusive data set, works out to more than $2.7 million a day.
The Department of Labor’s proposal to delay the fiduciary rule is clearly part of the Trump administration’s plan to undo it altogether. Blocking this common-sense, long overdue rule, which requires retirement advisers to act in their customers’ best interests.