The reauthorization of the Higher Education Act should be a real opportunity to help students; instead, the PROSPER Act makes their lives worse in nearly every aspect. It raises repayment costs for struggling borrowers, lets institutions that scam students off the hook, and narrows relief for defrauded students.
“Rep. Virginia Foxx, R-Va., the chair of the House Education and the Workforce Committee, introduced a bill last week that sells out students to corporate interests ready to get rich off taxpayer-backed education dollars. A bill reauthorizing the Higher Education Act should be a real opportunity to help students; this one just makes their lives worse by raising repayment costs for struggling borrowers, letting institutions that scam students off the hook, and narrowing relief for defrauded students.”
The notion that this administration is or will be tough on Wall Street doesn’t pass the laugh test, and that fact is evident in deeds, not tweets. Trump has put Goldman Sachs executives in the most senior positions in the government, and pushed for a giant tax cut for Wall Street.
Americans for Financial Reform joined a group of public interest advocates in support of Leandra English’s lawsuit to be recognized as the sole lawful Acting Director of the Consumer Financial Protection Bureau.
AFR Policy Director Marcus Stanley testified to the Financial Institutions subcommittee of the House Financial Services Committee on five pieces of proposed legislation. Written Testimony: Marcus Stanley Testimony To House Financial Services FI Subcommittee December 7 2017 FINAL The full hearing is available here: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=402730
H.R. 2570 would open the door to predatory mortgage lending by making it easier for lenders to steer homeowners into high-cost, abusive deals on certain mortgages, especially on home equity lines of credit and construction loans
Disguised as a regulatory relief for small businesses, this legislation would exempt from registration requirements merger and acquisition brokers of transactions involving quite large privately held companies, while opening a deregulatory window of opportunity for private equity firms to exploit.
AFR policy director Marcus Stanley testified to the Maryland Financial Consumer Protection Commission on progress in financial regulation Testimony Before Maryland Financial Consumer Protection Commission — Marcus Stanley AGENDA and VIDEO (See December 5th Meeting): http://dls.maryland.gov/policy-areas/maryland-financial-consumer-protection-commission
On Friday, Senate Republicans passed a bill with some $1.5 trillion in tax cuts, overwhelmingly weighted to the wealthiest Americans. The bill lavishes tax cuts on Wall Street banks, on executives who can manipulate their legal status to obtain a lower tax rate, and on operations in foreign tax havens. In contrast, ordinary Americans earning wages and salaries receive very limited benefits, and in many cases will see their taxes increased.
AFR sent a letter urging Senators to reject S 2155, which contains some two dozen deregulatory gifts to bank lobbyists and only minimal consumer benefits AFR Opposition Letter to S 2155