“H.R. 3312 dramatically restricts oversight of some of the largest banks in the country, increasing risks to regional economies and to financial stability, and therefore to the prosperity of families and communities.”
AFR sent a letter opposing a bill that would eliminate the independent voice of proxy advisory firms and unfairly disadvantage shareholders as compared to firm management.
“[I]t is a telling sign of just how dysfunctional the American economy has become that some of the nation’s biggest private equity firms are now heavily invested in the payday loan business and its slightly more respectable cousin, subprime installment lending. A new report from Americans for Financial Reform and the Private Equity Stakeholder Project details dozens of such arrangements involving some of the biggest names on Wall Street and the scuzziest operations on Main Street.”
Private equity moguls have invested heavily in the payday and installment lending. The development puts private equity firms in the position to profit from efforts by payday lenders to roll back an important new rule by the Consumer Financial Protection Bureau.
New report offers details on over 20 cases of private equity investment in payday lending, and how the new owners or investors seek greater rewards from this predatory business.
A bipartisan majority of lawmakers on the Senate Banking Committee last week rejected a series of public interest amendments in order to advance a bill full of gifts to banks.
AFR sent a letter to the House Financial Services Committee opposing multiple bills that would deregulate big banks and strip away investor protections. AFR Letter Re HFSC 12-12 Markup
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.