In New Rules to Shine Light on Derivatives, Regulators Also Allow Exemptions New York Times By Ben Protess July 10, 2012 The rules, stemming from the Dodd-Frank financial regulatory law, will give regulators more control over the $700 trillion derivatives industry, an opaque business that was blamed for many of the ills of the 2008 crisis.
AFR held a conference call briefing on the financial industry support for financial speculation taxes. Click here to see a summary of the discussion, read a letter from more than 50 financial professionals showing their support for the tax, and listen to the audio from the call.
JPMorgan Builds Vast Web of Staff, Financial Ties to Lawmakers American Banker By Kevin Wack JUN 12, 2012 Lisa Donner, executive director of Americans for Financial Reform, which is often on the opposite side of the policy debate from JPMorgan, nonetheless expressed an upbeat view about the likely tone of Wednesday’s hearing. “When we have these
By Carter Dougherty Bloomberg News The Federal Deposit Insurance Corp. plans to investigate claims that U.S. banks are offering products resembling so-called payday loans faulted by regulators for taking advantage of lower-income borrowers. “The FDIC is deeply concerned about these continued reports,” Martin Gruenberg, the agency’s acting chairman, wrote in a letter Tuesday to Lisa
Huffington Post By Robert Weissman At the time the bill was under consideration, critics (including Public Citizen) suggested the JOBS Act was basically pro-fraud legislation. “The legislation is premised on the dangerous and discredited notion that the way to create jobs is to weaken regulatory protections,” wrote a public interest coalition headed by the Consumer Federation of
Think Progress By Josh Israel and Adam Peck But in Congress, the Tea Party has toed the line for big banks. Eleven of the 15 have become co-sponsors of H.R. 3461, a top priority for the ABA. According to Americans for Financial Reform, the legislation would “tilt the playing field further in the direction of excessive deference to industry interests and tie