Americans for Financial Reform

AFR in the News: Report Finds More than $5 Million Spent in NY’s 19th CD by Hedge Fund Managers (Time-Warner Cable News)

“A new report released this week by the HedgeClippers campaign shows just how much money is being spent in [the 19th] district by hedge fund managers… $5.5 million [to protect] the carried-interest loophole. ‘[Q]uite often when you have a lot of money coming in from Wall Street… people vote in lockstep with what Wall Street wants,’” says Alexis Goldstein, Senior Policy Analyst at Americans for Financial Reform.

AFR Statement: Final Borrower Defense to Repayment Regulations

AFR welcomes the news that the Department of Education has finalized a rule that will prohibit the use of forced arbitration at schools. We hope that as the Department moves forward to procedural guidance and to enforcement that it does everything possible to ensure that no defrauded borrower be left buried in debt from a school that broke the law, betrayed its students, and cheated taxpayers.

AFR in the News: New federal rules could make it easier to have student loans forgiven (Washington Post)

“[C]onsumer advocates worry that people already contending with the existing process still face an uphill battle. ‘If you do the math, there are well over 80 percent of folks who are eligible that either don’t know to apply or have applied and the Education Department hasn’t done anything with their application,’ said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform. ‘I don’t understand why the department is insisting on doing this person by person, instead of just approving students automatically.’”

Press Release: Financial Sector Lobbying and Campaign Spending Top $1.4 Billion for 2016 Election Cycle – More than $2.3 million a day

Since 2008, the financial industry’s political spending has increased to levels even higher than they were before the financial crisis, and the the current cycle’s expenditures are on track to be the highest yet, according to a new AFR report. This continued high level of spending reflects the ongoing battle to reshape the financial system and the industry’s persistent efforts to repeal or win exemptions from parts of the Dodd Frank financial reform law, to weaken implementing regulations, and to forestall further proposals for change.

New AFR Report: Wall Street Money in Washington 2015-16

AFR Voting Record for 2015-16: Where They Stand on Financial Reform

AFR in the News: Bankers, Regulators Find No Easy Answers at Bank Culture Workshop (Wall St. Journal)

“U.K. banking rules now provide for unpaid bonus awards to be canceled or reduced, or bonuses to be returned or ‘clawed back’ if misconduct is later uncovered. Adjustments in unpaid bonuses within major U.K. banks tripled to about £300 million in 2014, from £100 million in 2010… ‘On a lot of these cultural issues, it seems like the U.K. is tougher than the U.S.,’ said Marcus Stanley, policy director of Americans for Financial Reform, an independent advocacy group for effective financial regulation.”

Press Release: New Tool for Tracking Congressional Votes on Wall Street Regulation

This new report from the AFR Advocacy Fund can help journalists, advocates, and others understand how Congress as a whole, and individual lawmakers, have voted over the past two years on issues related to oversight of banks and the financial system. The report tracks more than 70 bills, amendments, and resolutions that presented House members and Senators with choices about protecting investors, consumers, or borrowers or strengthening the stability, transparency, or accountability of the financial sector.

AFR Statement: Chairman Hensarling’s Erroneous Claim

“Contrary to Chairman Hensarling’s pronouncement, the Consumer Financial Protection Bureau (CFPB) is not subject to onerous executive orders regarding ‘Regulatory Planning and Review.’ The executive orders specifically exclude any agency defined as an ‘independent regulatory agency’ by 44 U.S.C. 3502(5), which lists the CFPB by name. PHH v. CFPB did nothing to change that statutory definition.”

Press Release: U.S. Court of Appeals Rules Against CFPB in Constitutional Challenge

“As the CFPB’s work to stop the Wells Fargo’s fraud demonstrated once again, the CFPB is doing exactly what Congress established it to do: serve as an effective enforcer of fair rules of the road to prevent unfair deceptive and abusive financial practices, practices that led to the financial crisis and cost trillions of dollars in lost homes, lost jobs, and lost wealth… Compromising the CFPB’s independence would be a huge gift to Wall Street greed and a loss for consumers. We are hopeful that this erroneous decision will be overturned.”