“Regulators need to catch up to the reality that the growth and concentration of the asset management industry has fundamentally reshaped how public companies — including listed banks — make decisions,” said Natalia Renta, a senior policy counsel at the Americans for Financial Reform Education Fund.
As landlords, private equity firms raise rents, impose new fees, skimp on property maintenance and pursue tenants more aggressively in court, the Americans for Financial Reform research noted. “The cumulative effect is a massive transfer of wealth from mainly low- and middle-income renters, who can’t afford the onerous barriers to homeownership, to some of the wealthiest men in America,” it said.
The climate threat is growing. So is the cost of protecting our homes from its damage. Two weeks ago, Hurricane Milton rapidly intensified in Florida, demonstrating the terrifying magnitude that climate change-fueled extreme weather events can reach. Across the country, the growing frequency and intensity of wildfires, hurricanes, and even thunderstorms will require a new approach to insuring homes and communities.
“From the beginning of this republic, even the most humble citizen was entitled to their day in court and a fair hearing. And at no point, until the creation of forced arbitration did someone say, ‘Hey you can have a right to your day in court except when your complaint is about a big corporation,” said Christine Chen Zinner, senior policy counsel at Americans for Financial Reform.
It also has the support of labor and financial-policy groups, including the AFL-CIO, the American Federation of Teachers and National Nurses United. Lisa Donner, executive director of financial watchdog group Americans for Financial Reform, said the bill “takes important, much-needed steps to rein in Wall Street predatory practices and promote a more just and sustainable economy.”
Researchers at Americans for Financial Reform Education Fund, Global Energy Monitor and Private Equity Stakeholder Project assessed the holdings of 21 private equity firms, overseeing a combined $6tn in assets under management.