AFR opposes HR 992, legislation which would change the law to permit public support of swaps dealing activities at some of the largest banks on Wall Street. At a time when there is bipartisan agreement that subsidies to too-big-to-fail banks must end, this legislation moves in exactly the wrong direction.
AFR stands with many of our partner organizations in opposition to HR 2374, which would delay needed reforms that would protect middle-class savings and help to restore needed confidence in our financial markets. Here is a compilation of materials on the issue of HR 2374.
This legislation would prevent the Department of Labor from addressing flaws in protections for retirement savings, protections that have not been updated for almost forty years. It would also delay efforts of the Securities and Exchange Commission to raise the standard of conduct that applies to brokers when they give advice to retail investors.
AFR supports SEC rule proposals to strengthen protections for investors in private offerings, but urges the SEC to do more to reduce the risk of fraud and misleading practices.
AFR letter sounds the alarm against HR 1003, which would undermine Dodd-Frank by more than doubling the number of cost-benefit analysis requirements imposed on the Commodity Futures Trading Commission (CFTC).
Overseas affiliates of U.S. banks played a major role in the final meltdown of 2008-2009, at a cost of millions of jobs and trillions of dollars. Financial institutions must not be allowed to escape oversight by “off-shoring” their riskiest deals.