Together with more than 200 national, state, and local organizations, AFR signed a letter urging the Senate to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB.)
The Consumer Federation of America, Americans for Financial Reform, and the AFL-CIO, hosted a conference call with reporters and bloggers on Tuesday, December 6th to discuss threats to a key Dodd-Frank provision designed to protect municipalities, pensions and other vulnerable swaps market participants from predatory industry practices of the kind that just last month drove Jefferson County, Alabama to declare the nation’s largest ever municipal bankruptcy.
FOR IMMEDIATE RELEASE December 7, 2011 For Interviews: John Carey at 202-466-1854 or john@ourfinancialsecurity.org Updated: 200 Organizations sign on to letter in support of Cordray nomination. National, State, and Local Organizations Call On U.S. Senators to Protect Consumers. *A Letter of support for General Cordray’s
An overwhelming majority of Americans—Republican, Democratic, and Independent—favor strong, sensible oversight of the financial services industry, including a strong and independent Consumer Financial Protection Bureau, the poll finds.
Click here to view this week’s highlights and lowlights in Wall Street Reform – November 25, 2011 – December 2, 2011.
As early as today, the House of Representatives is expected to vote on the “Regulatory Accountability Act (RAA) of 2011” (H.R. 3010) and the “Regulatory Flexibility Improvements Act” (H.R. 527). The “Regulations from the Executive in Need of Scrutiny (REINS) Act of 2011” (H.R. 10) is expected to come to the House floor for a vote early next week. All three of these bills attempt to grind the rulemaking process to a halt, thereby placing corporate interests ahead of public health, safety, environmental protection and a secure economy.
AFR sent a letter to members of Congress opposing three pieces of legislation that would weaken derivatives regulations set in place by Dodd-Frank.
A Financial Speculation Tax ( or Financial Transaction Tax) would be a tiny tax on Wall Street trading in stocks, bonds, foreign currency, derivatives, and other complex financial products.
The Volcker Rule and Barclays’ UK Bear Hug – Nick Dunbar
“On Nov. 3rd, I attended the inaugural BBC Today Business Lecture, given by Bob Diamond, the chief executive of Barclays. The man who told the UK Treasury Select Committee that it was time to stop apologising for the financial crisis had been given an image makeover. …The more I thought about it, aside from the change in tone, there was not a great deal of difference between the unrepentant Diamond addressing the Treasury Committee and the contrite version lecturing the BBC. …The answer came to me last week…I was invited by the legislative counsel for Sen. Jeff Merkley, one of the architects of the original Volcker Rule bill, and… Americans for Financial Reform.”
M.M. Push Back: Volcker Edition – Ben White (Politico’s Morning Money)
“ Pro-reform groups were not, ahem, too happy about the anonymous comments from a senior banker in M.M. suggesting the Volcker Rule as drafted goes beyond what the statute intended. … John Carey, Communications Director for Americans for Financial Reform emails: ‘Hard to believe that bankers have a better idea of what Congress intended than Senators Merkley and Levin, who drafted the Volcker Rule. Wall Street lobbyists seem to think that the impact of the rule is limited to taking the word ‘proprietary’ off traders’ business cards. …’