News Release: Biden Sides with Workers on First Veto
Washington, D.C. – President Biden vetoed a misguided Congressional Review Act resolution that sought to nullify a Department of Labor rule that protects workers and their life savings.
News Category: Press Releases & Statements
News Release: Bonuses Paid to Silicon Valley Bank Highlight Need to Finish Executive Pay Rules
President Biden’s and Congress’s efforts to begin to hold the executives of Silicon Valley Branch accountable are important to rein in the reckless and imprudent practices of senior bank executives, who have gamed our financial system and hurt communities in the process. True accountability includes executives forfeiting enormous bonuses, while their bank is on the brink of failure.
News Release: Bank Collapses Underscore Need for Tough, Broad Oversight Now
Washington, D.C. – The swift demise of Silicon Valley Bank and Signature Bank and the actions taken by the federal regulators over the weekend underscore the folly of the partial rollback of the Dodd-Frank law in 2018 and the need, looking forward, for strict oversight of large banks and the entirety of the financial system.
News Release: Biden Budget Puts Working People Over Wall Street
Washington, D.C. – President Biden’s recent budget proposal would bring billionaires and big corporations closer to paying their fair share in taxes. It would also disincentivize wasteful spending on stock buybacks.
News Release: House Financial Services Republicans Squander Opportunity to Hold Crypto Industry Accountable
Washington, D.C. — The House Financial Services subcommittee hearing today on digital assets should have been an opportunity to identify critical actions Congress and regulators should take to address the fallout of the crypto crash, but consumer advocacy groups fear the hearing will take a very different direction instead.
Remarks: Written Remarks Regarding Digital Assets Policy Frameworks – Areas for MRAC Review
AFREF and Demand Progress Education Fund attended a meeting of the Market Risk Advisory Committee for the Commodity Futures Trading Commission. There, AFREF/DPEF staff gave remarks on digital assets, including recommendations to the Committee regarding research and analysis into proper regulatory oversight of the digital assets sector. Recommendations included research into cybersecurity risks associated with crypto platforms and crypto derivatives, as well as a review of due diligence processes conducted by the CFTC and other regulators when CFTC registered entities involved in digital assets are acquired by another firm.