“We applaud the Senate’s confirmation of Janet Yellen as chair of the Federal Reserve Board. Americans for Financial Reform and our allies have been heartened by Yellen’s strongly expressed commitment to the Fed’s mission as a financial regulator and to an economy that works for ordinary people. Getting financial regulation right will be crucial to the realization of that goal.”
“Though small compared to Wall Street and the right, groups like Americans for Financial Reform and Better Markets show up extensively in the comments on the Volcker Rule. In the final rule, there are hundreds of references to the detailed comment letter the Occupy the SEC group sent…” The work of these outside groups “is a major piece of what makes solid final rules happen.”
“We are very concerned that [Sharon] Bowen, much like Tim Massad who has been nominated to be Chairman, lacks both significant experience in the derivatives and commodity markets that the CFTC oversees, and any public record as a champion of reform in these markets. We expect that Senators will have many tough questions to ask as they consider the set of CFTC nominations before them in the New Year.”
In a letter to Congress, AFR urges members not to let potential international trade and investment agreements, such as the Trans-Pacific Partnership (TPP) or the Transatlantic Trade and Investment Partnership (TTIP), undermine hard-fought gains in financial reform, and not to compromise U.S. sovereignty in ways that would limit our ability to take further steps to regulate the financial sector.
“[W]e are troubled by the narrow scope of the Release and some of the assumptions underlying it. AFR believes that the Commission needs to consider the broader costs and benefits to the public of permitting ever-increasing speed and ubiquity of automated trading technologies. We believe that such an analysis would support stronger limitations on automated trading than appear to be contemplated…”
“In arbitration, there is no publicly accountable judge, jury, or right to an appeal. The arbitrators do not have to follow the facts or the law, and there is no public review of decisions to ensure the arbitrator got it right. Moreover, contracts typically name the arbitration firm that must be used—the one preferred by the company.”
AFR and more than 15 public interest groups signed a letter calling for swift implementation of mortgage reforms.
“The strength of the rule is the scope of the compliance regime,’ said Marcus Stanley, policy director of Americans for Financial Reform. “The regulators correctly realized that most proprietary trading is hidden within supposedly innocent activities like hedging or market making.”
“After years of consideration, the five agencies charged with implementing the Volcker Rule have reached agreement. This is an important step forward in financial reform. The final rule reflects hard work by champions of the rule within the regulatory agencies, the Administration, Congress, and the public-interest community… [But] today’s approval is only one step toward realizing the promise of the Volcker Rule.”
“Mel Watt’s confirmation as director of the Federal Housing Finance Agency is heartening news for American families and communities… Under his leadership, the FHFA can be a help rather than a hindrance in efforts to deal with the foreclosure crisis, assist homeowners, and ensure broad access to sustainable and affordable credit.”