“On behalf of Americans for Financial Reform, we are writing to reiterate our opposition to HR 4139, the “Fostering Innovation Act”. This legislation would double the length of the existing exemption from compliance with Sarbanes Oxley Section 404(b) for “emerging growth companies”, from five years to ten years… Ten years is an excessively long exemption. This is especially true given the significance to the public and the financial markets of accurate financial reporting. “
“The undersigned organizations urge you to oppose H.R. 5112 or any similar bills that dramatically undermine the Consumer Financial Protection Bureau (CFPB) by eliminating its authority to prohibit abusive acts and practices and by imposing unworkable procedural requirements that would make it effectively impossible for the CFPB to write critical rules. “
“This rule is a crucial step to limit big banks’ and other financial companies’ efforts to escape liability if they break the law. Congressional or industry interference with the CFPB’s rulemaking process on forced arbitration would undermine consumer protection for critical financial products and services.”
“We… urge you to oppose any funding bills that include provisions rolling back or undermining financial reform. At the end of last year Congress wisely rejected multiple efforts to use the budget process to force through unrelated ideological riders, including changes in financial regulation that would undermine consumer protections, endanger financial security, or reduce accountability for big banks. It is vitally important that members remain committed to opposing such riders again this year. “
“On behalf of Americans for Financial Reform, we are writing to express our opposition to the “SEC Regulatory Accountability Act”. Despite the fact that the Securities and Exchange Commission (SEC) is already subject to extensive statutory economic analysis requirements, and has greatly increased its investment in economic analysis in recent years, this legislation would impose a host of unworkable new bureaucratic and administrative burdens on the agency. “
“On behalf of Americans for Financial Reform, we are writing to express our opposition to the “Investment Advisors Modernization Act of 2016”. Far from modernizing the regulation of investment advisors, this legislation would roll back the clock to the years before private fund advisors were subject to elementary oversight measures, measures that numerous documented abuses have shown to be necessary for investor protection. “
