JPMorgan prepares for D.C.’s worst By: Anna Palmer (POLITICO) May 14, 2012 The scandal is also expected to reinvigorate supporters of stricter regulations for the financial services industry, particularly among those who feel the industry has been overly dismissive of concerns. Marcus Stanley of Americans for
London’s “Whale” Loses $2 Billion for JPMorgan BY MARLENE Y. SATTER, ADVISORONE May 11, 2012 “These losses underline the need for a strong Volcker Rule to prevent risky proprietary trading,” Americans for Financial Reform said in a statement. “Regulators need to get the rule done, and
FDIC Seeks to End ‘Too Big to Fail’ Bailouts ABC News May 10 Marcus Stanley, policy director of Americans for Financial reform, a public interest coalition in favor of financial reform based in Washington D.C., said there were still unresolved questions about these complex institutions.
AFR sent a letter to members of congress, urging them to oppose the “Sequester Replacement Reconciliation Act of 2012”, which would end the Home Affordable Mortgage Program (HAMP), repeal the resolution authority granted to the FDIC to liquidate failing financial institutions, eliminate the Office of Financial Research, and eliminate the independence of the Consumer Financial Protection Bureau by making it the only bank regulatory agency subject to the appropriations process.
AFR STATEMENT ON JP MORGAN TRADING LOSSES JP Morgan has just announced that it has taken some $2 billion in losses on its synthetic credit portfolio, with more losses likely in the near future. In case we needed yet another reminder of the need
COST BENEFIT ANALYSIS AND FINANCIAL REFORM – May 9, 2012 Presented by: Americans for Financial Reform, Center for Progressive Reform, Economic Policy Institute, Public Citizen AGENDA: PANEL 1: Cost Benefit Analysis and Legal Challenges to Dodd Frank 9:00 – 10:30am Speakers: Dennis Kelleher:
AFR sent a letter to Senator Sherrod Brown, pledging our support for “The Safe, Accountable, Fair, and Efficient Banking Act of 2012.” The SAFE Banking Act would limit the total size of any banking institution and impose a leverage limit of 10 to 1, and thus ensure that all of our financial institutions are fully exposed to market discipline.
Wall Street Sues for Pre-Crisis Rules, CFTC’s Chilton Says By Silla Brush and Steven Sloan “They want us to write off the 2008 financial crisis as an aberration and ignore countless reputable scholars who’ve found that the costs of opaque, unregulated derivatives markets are borne
AFR signed onto to a letter along with more than 50 other organizations, urging members of Congress to support full funding for the CFTC.
Banks divided on loan rules Federal agency pushes ability-to-pay mortgage tenet Carter Dougherty | Bloomberg News “This rule is aimed directly at the core deficiencies in the mortgage market that produced unsustainable loans, an inflated housing market, and resulting widespread economic hardship,” Americans for Financial Reform, a