Event: Americans for Financial Reform Hosts a Conversation with Professor Art Wilmarth

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.

Statement: Leading the Pack, OCC Announces Climate Risk Guidance for Banks by Years End

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.

Letters to Congress: Organizations Support Omarova as Comptroller of the Currency

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.