AFR sent a letter urging the U.S. Senate to make Wall Street and private equity firms pay their fair share. The budget bill includes massive tax cuts for the ultra-wealthy and savage cuts to critical programs that support working families, making it the most regressive bill in decades. Closing ten Wall Street tax loopholes would make the tax code fairer and could eliminate the cuts in the big, brutal bill.
Labor unions, investors, and public interest organizations wrote to the House Education and Workforce Committee in opposition to H.R. 2988, Protecting Prudent Investment of Retirement Savings Act.
Faith leaders, union members, and consumer advocates rallied outside CFPB headquarters on June 5 with a unified message to Congress: gutting the Consumer Financial Protection Bureau’s budget is a direct attack on the people that the CFPB protects every day.
“The GENIUS Act is an important step, but it is just one of many actions that the crypto industry and its allies in the White House and Capitol Hill are taking to launch an uncontrolled experiment in unleashing crypto on the economy and the financial system,” Mark Hays, an associate director of crypto and fintech at Americans for Financial Reform, a Washington-based advocacy group, told me.
The GENIUS Act (S.1582) took another step closer to becoming law after the Senate passed this alarming bill this evening, which links crypto tokens purportedly pegged to the U.S. dollar – stablecoins – to the broader financial system without meaningful consumer protections or safeguards for investors. This bill also stands to enrich President Trump and his family personally via their many crypto business ventures.
AFR shared maps and statistics on climate change’s impact on homeowners insurance in Nebraska’s first congressional district with the House Financial Services Committee’s Housing and Insurance Subcommittee.
Patrick Woodall, managing director for policy at Americans for Financial Reform, said slashing the research office would cut off “unique modeling and monitoring tools” that are critical to understanding where risk is building up in the financial system, from banks, private credit or other corners of the market.
The rhetoric is about “tightening our belts and austerity, but the reality is that the impact is not mostly budgetary,” he said. “The impact is overwhelmingly about our ability to actually monitor the financial system for growing risk that poses potentially very serious impacts on the economy.”
AFREF sent a letter to the CFPB opposing proposed rescissions that would create blanket confidentiality for all CFPB orders and decisions about non-bank supervisory determinations that would strip away transparency for some of the riskiest and least regulated nonbank financial products.
AFREF sent a letter to the CFPB opposing its proposal to rescind a repeat offender database of nonbank enforcement and agency orders. This will help state and federal regulators, advocates, and the public identify repeat offenders and more easily spot patterns and practices of misconduct.
The GENIUS Act (S.1528) took another step closer to becoming law after the Senate cleared a key procedural vote towards passing this alarming bill that links crypto tokens purportedly pegged to the U.S. dollar – stablecoins – to the broader financial system without meaningful consumer protections or safeguards for investors. This bill also stands to enrich President Trump and his family personally via their many crypto business ventures.