Swapping “Bureau” from back to front is not a simple word shuffle, said Lisa Donner, executive director for the advocacy group Americans for Financial Reform. “Doing that signals you want to take the emphasis away from serving consumers — which unfortunately is what Mulvaney’s been doing in many ways — and put it on ‘this is a bureaucracy’,'” Donner said.
Americans for Financial Reform reported that the financial sector spent $2 billion on political activity in the 2016 election cycle, including $1.1 billion in campaign donations and the rest for lobbying. That’s $3.7 million for every member of Congress.
Statement from Marcus Stanley, policy director, Americans for Financial Reform: “The proposal we heard described today does not come close to measuring up. The standard of conduct the agency has articulated appears ambiguous at best. It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.”
AFR released the document below to provide context on the Congressional testimony of Federal Reserve vice-chair for supervision Randy Quarles, and highlight several areas which we believe Congress should question him about. AFR Backgrounder on Quarles Testimony
Senators who voted to reverse this important CFPB action have also opened the door to challenging long-standing regulatory actions that are crucial to protecting workers, consumers, civil rights, the environment, and the economy
“Across party and regional lines, most people think Wall Street has too much influence in Washington. And they think that because it does,” said Lisa Donner, executive director of Americans for Financial Reform, a consortium of labor unions, consumer groups, liberal think tanks and organizations like AARP.
View or download a PDF version of the letter here. April 12, 2018 Dear Representative: On behalf of Americans for Financial Reform, we are writing to urge you to vote against HR 4790, which is being considered on the House floor this week.[1] This bill
FOR IMMEDIATE RELEASE April 11, 2018 CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org, (202) 251-6700 Consumer Groups Launch Website Tracking Mick Mulvaney’s Anti-Consumer Actions WASHINGTON, D.C. – Today, as Mick Mulvaney, the unlawfully appointed Acting Director of the Consumer Financial Protection Bureau (CFPB), testifies before the House Financial
AFR sent a letter to Congress opposing a bill that would massively undermine the oversight of non-bank financial companies that are crucial to financial stability.
AFR sent a letter to Congress opposing a bill that would severely weaken stress testing–a key element of bank supervision and oversight.