AFR Letter: Hold Wall Street Accountable – Reject S. 1720
AFR sent a letter to the Senate opposing S. 1720, which would give big business veto power over any effective regulation.
AFR Conference: Making the Volcker Rule Work
Making the Volcker Rule Work Wednesday, November 9th, 9:30 to 1:00 Location – Hart Senate Office Building, Room 902 Presented By: Americans for Financial Reform Volcker Rule Conference Agenda 9:30 – 10:00: Keynote Addresses Introduction by AFR Executive Director Lisa Donner 9:30 to 9:45:
AFR Signs on to Letter: Fully Fund the CFTC
AFR signed onto a letter with other business, consumer, and labor groups supporting full funding for the CFTC.
This Week in Wall Street Reform
Click here to view this week’s highlights and lowlights in Wall Street Reform – October 29, 2011 – November 4, 2011.
AFR in the News: MF Global provides first test for Dodd-Frank
MF Global provides first test for Dodd-Frank – Ira Teinowitz (The Deal)
“Marcus Stanley, policy director of Americans for Financial Reform, a coalition of consumer and labor groups, called the bankruptcy a warning to regulators that the Volcker Rule should be implemented strictly. ‘MF Global’s failure — like the recent proprietary losses by Goldman Sachs — underlines the risks of speculative proprietary bets,” he said. ‘A tough Volcker Rule will restrict this kind of speculation to institutions that are ‘small enough to fail’ and prevent the giant investment banks central to the economy from taking these kinds of risks.’”
AFR in the News: The Tax Plan That Occupy Wall Street Loves
The Tax Plan That Occupy Wall Street Loves – Yuval Rosenberg (The Fiscal Times)
“In a letter to Sen. Patty Murray (D-Wash.) and Rep. Jeb Hensarling (R-Texas), the co-chairs of the congressional ‘super committee’ tasked with finding $1.2 trillion in deficit reduction measures by November 23, a group called Americans for Financial Reform, which is a coalition of more than 250 economic, union, and activist groups, explained why it’s backing the tax: ‘The deficit problem that the Select Committee must address was to a significant degree created by the world financial crisis, a crisis caused by Wall Street speculation.'”
AFR in the News: Volcker Rule Costs Banks $1 Billion, U.S. Government Says
Volcker Rule Costs Banks $1 Billion, U.S. Government Says – Silla Brush (Bloomberg)
“‘Only $50 million of these costs are these kinds of costs of government regulation,’ said Marcus Stanley, policy director for Americans for Financial Reform, a coalition of 250 groups including the AFL-CIO labor group and AARP. The cost ‘is very small compared to potentially making trillions of dollars in assets safer,’ he said in a telephone interview.’”
AFR in the News: Lawmakers to Propose Transaction Tax for Financial Firms Modeled on Europe
Lawmakers to Propose Transaction Tax for Financial Firms Modeled on Europe – Phil Mattingly (Bloomberg)
“The AFL-CIO and National Nurses United, a professional association and union for nurses, have scheduled a rally in front of the Treasury Department on Nov. 3 in support of the fee. Americans for Financial Reform…is circulating petitions in support of the measure.”
AFR in the News: Obama To The Rescue On Federal Student Loans, But What About Private Loans?
Obama To The Rescue On Federal Student Loans, But What About Private Loans? – Eva Pereira (Forbes)
“The new Consumer Financial Protection Bureau (CFPB) aims to make the education lending market much more transparent with its KnowBeforeYouOwe project, but for those already knee deep private debt, there is little recourse. Several distressed borrowers shared their private loan struggles on a recent call organized by the Americans for Financial Reform, a consumer rights coalition.”
AFR Letter: BofA/Merril Lynch Transfer Poses Risk to Taxpayers
AFR sent a letter to the Federal Reserve and FDIC on the reported transfer of the Merrill Lynch derivatives book to Bank of America’s depository subsidiary, which could expose taxpayers to substantial additional risks.”