FOR IMMEDIATE RELEASE CONTACT: Doug Gordon, 202-822-5200 DATE: October 7, 2009 Americans for Financial Reform: Congress Needs To Take On Big Banks, Protect Consumers Draft Legislative Language On Derivatives Is Not Enough; All Transaction Need to Be Transparent Washington, DC – Americans for Financial Reform released the following statement in advance of the House Financial
On October 7, USA Today ran this excellent opinion piece. Here’s an excerpt: New financial watchdog could curb abusive practices, limit fine print. In Washington, it’s always easier to kill a new idea than to promote one. And that’s what the banking industry is counting on as it tries to murder, or at least maim,
Download this white paper as a PDF. A National Consumer Law Center White Paper, September 2009 EXECUTIVE SUMMARY: Consumer protection in the financial world has been dramatically weakened in the last several years by preemption of state consumer protection laws. Broad preemption of state law is a recent phenomenon; for most of the 150 years
The House of Representatives passed H.R. 4173, the Wall Street Reform and Consumer Protection Act, on December 11, 2009. Read AFR’s statement on its passage below. Read all of our posts about the battle in the House here. Read more about the battle in the House: General letters and miscellaneous topics The Consumer Financial Protection Agency/Bureau
The Senate passed S. 3217, the Restoring American Financial Stability Act, on May 20, 2010. Read AFR’s statement about its passage below. Read all our posts about the battle in the Senate here. Read more about the battle for reform in the Senate: General letters and miscellaneous topics The Consumer Financial Protection Bureau Derivatives Systemic Risk and Resolution
A House and Senate Conference Committee met in June 2010 to hammer out the differences between their versions of financial reform bill. On June 29, they issued their final report which was subsequently passed by both chambers and signed into law by President Obama. Below is AFR’s overall letter supporting the conference report. Read all