AFR opposes HR 992, legislation which would change the law to permit public support of swaps dealing activities at some of the largest banks on Wall Street. At a time when there is bipartisan agreement that subsidies to too-big-to-fail banks must end, this legislation moves in exactly the wrong direction.
AFR stands with many of our partner organizations in opposition to HR 2374, which would delay needed reforms that would protect middle-class savings and help to restore needed confidence in our financial markets. Here is a compilation of materials on the issue of HR 2374.
While many books have been written about the financial crisis of 2008 and the political response, this is the only account told from the perspective of the broad-based citizens’ advocacy coalition formed under the umbrella of Americans for Financial Reform.
AFR joined seven organizations in demanding that Barclay’s to pay the fines imposed by FERC for manipulating low income families into paying higher utility bills in time for the winter heating season.
Late fees down by an average of $6; more people making above-the-minimum payments; far fewer young adults signing up for credit cards in the first place – these are some of the results of a landmark 2009 law, according to a new report issued by the Consumer Financial Protection Bureau.
This legislation would prevent the Department of Labor from addressing flaws in protections for retirement savings, protections that have not been updated for almost forty years. It would also delay efforts of the Securities and Exchange Commission to raise the standard of conduct that applies to brokers when they give advice to retail investors.
AFR supports SEC rule proposals to strengthen protections for investors in private offerings, but urges the SEC to do more to reduce the risk of fraud and misleading practices.
After the 2008 crisis, it became clear that regulators and many sophisticated market participants had been kept in the dark about major risks and exposures in our financial system. On October 11, 2013, AFR and Georgetown Law Center co-hosted this half-day conference on the progress made – and the work that remains to be done – toward meaningful transparency on Wall Street.
“For too many years, dealers and advisors in the municipal market have felt free to give self-serving advice designed to generate more profits for them at the expense of their clients… Properly implemented, [today’s rule] should curtail the abuse and provide enormous benefits for taxpayers and investors.”
In the end, the Commission stood firm against industry resistance to a common-sense disclosure requirement. The SEC also correctly insisted that part-time and overseas workers be included in the calculation, consistent with the language and intent of the statute.