On March 15, 2019, Americans for Financial Reform Education Fund sent a letter to the Commodity Futures Trading Commission expressing several concerns regarding the agency’s “Swap Execution Facilities and Trade Execution Requirement” proposed rules. Read or download a PDF version of the letter.
Wells Fargo workers have long demanded better protection, including a union, as well as a genuine seat at the table to help ensure the bank’s dangerous practices are kept in check. On the day of the hearing, workers will also deliver a petition to Sloan calling on him to meet with front-line workers to address the toxic, high-pressure environment that still exists for thousands of Wells Fargo employees.
Every year, American savers lose up to $40 billion because brokers give them bad advice. In spite of this, SEC Chair Jay Clayton has proposed new rules that won’t stop conflicts of interests that lead brokers to rip off their clients. The SEC should protect small investors, not give away the store to Wall Street.
On March 7, 2019, AFR Senior Policy Counsel Linda Jun offered testimony at a hearing entitled: “Putting Consumers First: A Semi-Annual Review of the Consumer Financial Protection Bureau” before the House Financial Services Committee.
This decision increases risks to the public. It is just one of numerous current and proposed deregulatory changes, to both the stress tests and other prudential requirements, which are currently in process at banking regulators.
Today, CFPB Director Kathy Kraninger is set to testify in front of the House Financial Services Committee, marking her first oversight hearing since being narrowly confirmed last December. Kraninger will now have to answer to a new chair, Rep. Maxine Waters, and a majority that is demanding answers to why the agency has sided with the industry over consumers.
New members of Congress demonstrated substantially less reliance on money from the financial services industry than incumbents who won re-election in 2018. First-term Democratic members of the House raised, on average, 17 percent of the money for their campaign committees from small donors, compared with 9.4 percent by Democratic incumbents who won re-election.
Letter from 51 organizations supporting the Consumers First Act
On Tuesday, Senator Schatz (D-HI) and Representative DeFazio (D-OR) introduced the Wall Street Tax Act, a bill that would tax the sale of stocks, bonds, and derivatives at a rate of 10 cents per $100 of Wall Street transactions.
On behalf of the 61 undersigned organizations, we are writing to urge you to co-sponsor the Wall Street Tax Act of 2019 being introduced by Sen. Brian Schatz (D-Hawaii) and Rep. Peter DeFazio (D-Ore.).