“Rep. Hensarling’s revisions to his Wall Street’s CHOICE Act will make a disastrous bill even worse…This legislation doesn’t just repeal huge swaths of the Dodd-Frank Act – it makes regulators even weaker than they were before the financial crisis.”
“‘In order to have accountability, there must be real consequences when servicers violate the law,’ Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform, told the Tribune. ‘DeVos’ actions today moves us away from true accountability, and creates dangers for the very student loan borrowers the department is responsible for protecting.'”
“’Undoing these memos is a very concerning indication of how much (Department of Education officials) value protecting borrowers versus how much they want to insulate servicers,’ said Alexis Goldstein [of] Americans for Financial Reform. ‘Is this meant to be a message that says we are less concerned with borrowers and more concerned with protecting servicers even if they made mistakes in the past?’”
“’In order to have accountability, there must be real consequences when servicers violate the law,’ said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform. ‘DeVos’s actions today moves us away from true accountability, and creates dangers for the very student loan borrowers the department is responsible for protecting.’
Secretary’s DeVos’s actions to rescind three past Department of Education memos moves us away from true accountability, and creates dangers for the very student loan borrowers the Department is responsible for protecting.
“The Warren-McCain bill would restore the Glass-Steagall firewall and update it for the 21st century by fully addressing new developments like the massive growth in the market for complex derivatives and securities lending. By forcing the separation of commercial and investment banking, it would break up “too big to fail” banks that combine both activities, and reduce their power over the financial markets and the economy.”
“Sen. Elizabeth Warren and a group of investor protection groups such as Americans for Financial Reform and the Consumer Federation of America have unveiled the ‘Retirement Ripoff Counter, which is a digital, large-scale, live projector that will show the harm President Trump is doing to investors by delaying the fiduciary rule. On the evening of April 5th, after dusk, the projection of the Retirement Ripoff Counter will be displayed on the sides of several major Washington landmarks.'”
A new “Retirement Ripoff Counter” unveiled today at an event with Senator Elizabeth Warren and AFL-CIO President Richard Trumka shows how important it is that the fiduciary rule be fully implemented. Bad advice costs Americans $46 million a day, $1.9 million per hour, and $532 a second.
AFR joins 22 organizations in letter urging members of the Senate Banking Committee to oppose the nomination of Walter Joseph ‘Jay’ Clayton to serve as Chair of the Securities and Exchange Commission.
“Jay Clayton’s entire career of representing major Wall Street banks, advancing their interests at the expense of the public, helping them avoid accountability, stands in contradiction to the very mission of the agency he has been nominated to lead… Those who voted in favor of his appointment — both Democrats and Republicans –will have some explaining to do to constituents who are sick and tired of letting Wall Street continue rig the economy so all of the gains go to those at the very top.”