Today, the House Ways and Means committee released its draft plan for the Build Back Better economic package. It includes many crucial spending items, and some positive tax provisions. But, overall, it fails to meet the moment. Among other things, the package leaves out revenue-raising proposals from the Biden administration that would advance racial and economic justice. We need more dramatic change to the status quo, which benefits Wall Street and the super-rich and harms the rest of us.
Americans for Financial Reform welcomes the Department of Education’s announcement that they will extend the closed school discharge window for students who attended ITT Tech back to 2008.
Americans for Financial Reform today applauded the introduction of the Veterans and Consumers Fair Credit Act of 2021, legislation that would extend the 36 percent APR interest rate cap on payday and car-title lenders in the Military Lending Act (MLA) to cover all Americans.
The Securities and Exchange Commission should use the full scope of its authority to increase transparency and reduce hidden risks to investors and markets from the private equity industry, according to a letter from 15 public interest groups.
The Federal Reserve has announced the results of its 2021 bank stress tests. Since then, these results have led a steady parade of the largest banks in the country to announce dramatic increases in dividends. The stress tests will also enable greater share buybacks and other capital distributions by banks. This will enrich senior executives and large shareholders, while putting financial stability at risk.
“This vote ends the Trump administration’s enabling of predatory lending in blatant violation of state consumer protection laws,” Jun added.
