Tapping into the strong anti-Wall Street sentiment, on July 13th, Representative DeFazio reintroduced his financial transaction tax legislation as the “Putting Main Street FIRST Act: Finish Irresponsible Reckless Speculative Trading Act.” The reintroduction of this bill comes with a fresh score from the Joint
“More than 100 U.S. Senators and Representatives are asking the Consumer Financial Protection Bureau (CFPB) to move ahead with its efforts to restore the right of consumers to join together to hold corporations accountable when they break the law. In separate House and Senate letters, the lawmakers voice their support for a CFPB proposal that would limit the financial industry’s use of forced arbitration “ripoff clauses,” typically buried in the fine print of take-it-or-leave-it contracts, to block consumers from challenging hidden fees, fraud, and other illegal behavior.”
“AFR hopes that other agencies and private investors recognize the CFPB’s thoughtful recommendations and that the CFPB will remain an active participant in this important conversation.”
AFR wrote to the SEC to urge them to vigorously investigate what appear to be ongoing, widespread violations of securities law by private equity advisers.
AFR submitted comments to the Department of Education suggesting ways to ensure that their borrower defense proposal can truly provide a fair and transparent processes for students seeking debt relief following illegal acts by their schools.
Over 10,000 members of Americans for Financial Reform signed a petition calling on the Department to provide full loan relief to defrauded students, provide automatic loan cancellation when there is sufficient evidence of a school’s wrongdoing, not impose time limits on relief for defrauded borrowers, and close gaping loopholes allowing unscrupulous schools to prevent injured students from having their day in court.
“[A]lexis Goldstein, a senior analyst at Americans for Financial Reform, thinks banks might be too complacent. She notes that a recent poll shows that 75% of Americans think banks need to tougher laws. ‘I think it’s clear that voters are still very unhappy about this,’ says Goldstein. She thinks it will be hard for either party to ignore the voter outrage.”
AFR joined with the National Consumer Law Center, on behalf of its low-income clients, and 50 other organizations to file a petition today with the Federal Communications Commission urging reversal of its recent Declaratory Ruling in the Broadnet case. The FCC’s ruling allows federal contractors that
“The financial crisis of 2008 exposed glaring weaknesses not only in the regulations governing Wall Street, but in the institutions charged with writing and enforcing them. It is good news that the Democratic platform includes language highlighting the revolving door and affirming a set of concrete steps to deal with aspects of this problem. It is of the utmost importance that any next president appoint regulators who are willing to stand up to Wall Street in order to stand up for the rest of us,” said Lisa Donner, director of Americans for Financial Reform.”
“Americans for Financial Reform (“AFR”) appreciates this opportunity to comment on the above referenced Proposed Notice of Proposed Rulemaking (the “Proposal”) issued by the Federal Reserve, FDIC, FHFA, NCUA, OCC, and SEC (the “Agencies”)… Section 956 is a particularly significant and vital element of the Dodd-Frank Act. There is widespread agreement among students of the 2008 financial crisis that the design of bonus pay was a central contributor to the crisis. “