Stock buybacks exacerbate the racial wealth gap, worsen economic inequality, and divert resources from the real economy which harms workers. Taxing buybacks would raise revenue and discourage companies from putting highly-paid executives ahead of the broader economy.
AFR’s Senior Policy Analyst Renita Marcellin hosted a conversation with Professor Art Wilmarth, author of Taming the Megabanks: Why We Need a New Glass-Steagall Act. Professor Wilmarth discussed why structural protections, such as a modern Glass-Steagall Act and the separation between banking and commerce, are necessary in the banking system. They also examined how the erasure of these laws have led to many of the challenges we are currently facing in the financial system including ILCs/special purpose charters, the rise of Fintech firms, and stablecoins and highlighted the urgency of revisiting laws on structural separations in the banking system.
AFR joined a letter to Congress in support of three crucial provisions of the Build Back Better Act that would strengthen the FTC’s hand against discriminatory and abusive data practices and the businesses that engage in them.
Letters to Regulators: Letter to HUD on Evictions in HUD-Assisted Housing and the Interim Final Rule, Extension of Time and Required Disclosures for Nonpayment of Rent
AFREF joined a letter urging HUD to strengthen its recent Interim Final Rule intended to prevent evictions.
Acting Comptroller Michael Hsu announced that the Office of the Comptroller of the Currency (OCC) plans to develop climate risk supervisory expectations for large banks and issue guidance for comment by the end of the year. Over the past year, Americans for Financial Reform Education Fund and partners have urged the OCC and other banking regulators to take this important initial step immediately. We applaud Acting Comptroller Hsu for his leadership on this issue and we urge the other regulators to follow suit and issue guidance by the end of the year.
AFREF joined a letter in response to the Education Department’s request for public comments on a rule to fully implement closure of the 90/10 loophole.
The Americans for Financial Reform Education Fund views the current state of the stablecoin market as a danger to consumers and to financial stability, and we are disappointed that the President’s Working Group (PWG) has focused on Congressional action as the central path for responding to these challenges.
As a highly regarded academic and scholar of the Office of the Comptroller of Currency (OCC), we know Prof. Saule Omarova will fight for real equity for our communities nationwide — instead of viewing the nation’s largest banks as “clients” of the office, as has too often been the case. Her scholarship has informed a deeper understanding of the harms from Wall Street profiteering leading the benefits of our economy to accrue to bankers and financiers, rather than working people.
Event: Americans for Financial Reform and Allies Protest Fed Chair Powell Sleepwalking on Climate Chaos, Racial Inequality, and Wall Street greed
Americans for Financial Reform and allies today rallied in front of the Federal Reserve Board of Governors to highlight Fed Chair Jerome Powell’s failure to protect the U.S. economy from major systemic threats like climate change, racial and economic inequality, excessive risk-taking from the big banks, and private equity firms extracting wealth from communities and workers across the nation.
AFREF joined a comment letter in response to the OCC’s proposal to rescind its 2020 rule regarding the Community Reinvestment Act regulations. The letter urges the OCC to rescind the final rule as quickly as possible.