AFR and its member organizations warn against a proposal that would “severely weaken” the independence measures called for by the Dodd-Frank financial reform law. “A Board dominated by employees of major banks and dealers with subsidiaries active in the municipal market will not be a truly independent Board.”
14 consumer organizations submitted a joint letter to the FTC supporting a proposal to ban telemarketers from using remotely created checks and remotely created payment orders, payment systems commonly used by scammers. The letter also called on the FTC to extend the proposed ban to cover all consumer transactions, not just those conducted via phone.
Under current practice, investors seeking brokerage and other financial advisory services must agree in advance to submit any complaints to arbitration by an industry-run regulatory body. The Investor Choice Act would restore the right of investors to take such disputes to a court of law, if they prefer.
Senator Pat Roberts (R-Kan.) has introduced legislation directing U.S. companies to refuse to comply with the proposed tax. Rather than trying to obstruct the EU proposal, “U.S. elected officials should be considering the potential benefits that such taxes could deliver for this country.”
AFR joined AARP, AFL-CIO, Consumer Federation of America, Demos, Pension Rights Center, Public Citizen, and U.S. PIRG in sending a letter to members of the Senate urging them not to sign a letter being circulated by Senator Tester attempting to stop a Department of Labor rule making to protect retirement savings by closing gaps and loopholes in fiduciary duty requirements in connection with ERISA funds.
AFR joined the AFL-CIO, AFSCME, Consumer Federation of America, SEIU, and U.S. PIRG in sending a letter to the Senate opposing S. 710. S. 710 would weaken accountability for financial advice to municipalities, harm communities, and is unnecessary given the exemptions that already exist in the law and the authority of the SEC to address any outstanding issues.