AFR, Public Interest Groups Urge Swift Implementation of Mortgage Reforms
AFR and more than 15 public interest groups signed a letter calling for swift implementation of mortgage reforms.
AFR in the News: Regulators Adopt Final Volcker Rule Limits on Bank Trading
“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.”
AFR Statement on Final Approval of Volcker Rule
“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.”
AFR Statement on Confirmation of Mel Watt to Head the FHFA
“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.”
AFR One of Dozens of Groups Supporting Equal Employment for All Act
Joint letter urges Senators to cosponsor Sen. Elizabeth Warren’s bill, which would bar employers from using credit checks in hiring and promotion decisions. “Not only does this practice discriminate against the long-term unemployed, it has a disparate impact on communities of color and people with disabilities and constitutes an unwarranted invasion into job seekers’ personal lives.”
Don’t Let Private Equity Operate in the Dark — Oppose HR 1105
AFR sent a letter to members of Congress urging that they Oppose HR 1105 , the “Small Business Capital Access and Job Preservation Act.” Contrary to its title, this bill is not designed to benefit small business. Instead, it would exempt private equity fund advisors from basic reporting requirements designed to allow regulators to monitor systemic risk in the financial system and protect investors and the public.
AFR in the News: How Filibuster Reform Could Help Obama Crack Down on Banks
“We’ve seen that court challenges are a major element of the [financial] industry’s plan to block strong regulations,” says Marcus Stanley, the policy director of the nonprofit Americans for Financial Reform. “So having a better ideological balance on the court should be very helpful to financial reform.”
AFR Urges SEC to Stand Firm on Corporate Pay-Ratio Disclosure
“[W]e thank you for your work in drafting an effective rule implementing section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Given that three years have passed since the enactment of the law , we urge you to move quickly to put the final rule in place.”
More than 116,000 Individuals and Organizations Support SEC Action on Corporate Pay-Ratio Disclosure
During an initial consultation period, the SEC received more than 20,000 letters, overwhelmingly in favor of the pay-ratio requirement. Since the Commission issued its proposed rule in September, more than 116,000 individuals and organizations, including Americans for Financial Reform, have submitted letters urging the SEC to stand firm.
AFR in the News: Easier Road Seen For Obama Regs
Vacancies now “should be easier to fill with people who meet the basic criteria of having a commitment to fulfilling the law,” said Lisa Donner, executive director of Americans for Financial Reform… The change in the Senate’s rules come at a time when judges are expected to decide major disputes over provisions in the Dodd-Frank financial reform law, ObamaCare and the president’s push on climate change, several observers of the court said.”