Cross-border derivatives regulation is the latest area in which Trump appointees are systematically dismantling the post-2008 framework for regulation of Wall Street and the global “too big to fail” banks. Today, the Commodity Futures Trading Commission drastically weakened their rules governing the massive global markets for financial derivatives.
“Rep. Adams’ amendment gives borrowers a chance to recover on the same timeline the economy is projected to need to return to pre-coronavirus productivity. Granting the same CARES Act suspension of student loan payments to private student loan borrowers, and extending the suspension to September 2021 will mean more funds for food, medicine, and basic household needs.”
“Rep. Dean’s amendment would put borrowers and their families on stronger financial footing and accelerate the economic recovery. Providing up to $10,000 in immediate assistance to pay down a private student loan offers much-needed and long-term relief to the 6 million private student loan borrowers who were left out of the CARES Act entirely.”
AFR joins the Civil Rights Movement and the nation in mourning the passing of John Lewis. We celebrate his leadership, his outsized contributions to the struggle for racial and economic justice – until the very end of his life – and his steadfastness in demanding and defending a more robust democracy. His work as a legislator with a strong moral compass advanced all these strands of work and highlighted the relationship between them all.
States and localities provide critical public services, and more than 1.5 million state and local jobs have been lost since February. Without credit support like that which should be provided by this Facility, deeper job losses and service cuts can be expected as states grapple with unprecedented fiscal challenges in the face of the coronavirus crisis. Supporting states and localities is critical for economic recovery and for assisting communities impacted by the dual public health and economic crisis we face.
The director of the Consumer Financial Protection Bureau, Kathleen Kraninger, today announced the agency will strip out the core of a rule written and finalized under previous leadership that would shield consumers from debt trap payday and car-title loans. The decision will leave millions of people vulnerable to grave financial abuses at a time of economic crisis, and will harm people of color who are suffering higher rates of illness and of unemployment, and whom this industry targeted even before the pandemic.