Category Archives: Statements and Press Releases

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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.”

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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.”

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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.

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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.'”

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“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.'”

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Policy Brief: Republicans’ Tax Plan is a Giveaway to Wall Street

“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.”

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AFR Statement: AFR Applauds Bipartisan Bill to Restore Glass-Steagall

“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.”