As a highly regarded academic and scholar of the Office of the Comptroller of Currency (OCC), we know Prof. Saule Omarova will fight for real equity for our communities nationwide — instead of viewing the nation’s largest banks as “clients” of the office, as has too often been the case. Her scholarship has informed a deeper understanding of the harms from Wall Street profiteering leading the benefits of our economy to accrue to bankers and financiers, rather than working people.
Event: Americans for Financial Reform and Allies Protest Fed Chair Powell Sleepwalking on Climate Chaos, Racial Inequality, and Wall Street greed
Americans for Financial Reform and allies today rallied in front of the Federal Reserve Board of Governors to highlight Fed Chair Jerome Powell’s failure to protect the U.S. economy from major systemic threats like climate change, racial and economic inequality, excessive risk-taking from the big banks, and private equity firms extracting wealth from communities and workers across the nation.
AFREF joined a comment letter in response to the OCC’s proposal to rescind its 2020 rule regarding the Community Reinvestment Act regulations. The letter urges the OCC to rescind the final rule as quickly as possible.
AFR joined NCLC, CRL, NCRC, and Open Markets in sending a letter to Treasury Secretary Yellen opposing a bank charter for stablecoin issuers that would give them preemption rights without the full obligations and oversight required for insured depository banks.
AFREF joined over 100 other groups in sending a letter urging President Biden to cancel student debt.
News Release: Sen. Elizabeth Warren and Rep. Mark Pocan Join Town Hall, Build Momentum for Halting Private Equity Abuses of Workers, Communities
At a town hall hosted by United for Respect and Americans for Financial Reform, workers and leaders across industries came out strongly in support of the Stop Wall Street Looting Act. The event focused on the devastating impact of private equity firms on the quality and quantity of jobs across industries.
Letters to the Administration: Letter Urging Ambassador Susan Rice to Protect Civil Rights in the Use of Data-Driven Technologies
AFREF joined a letter urging Ambassador Susan Rice to place a high priority on ensuring data-driven technologies, including algorithmic decision making, artificial intelligence, and machine learning increasingly used to make important decisions about people’s lives, protect civil rights, prevent unlawful discrimination, and advance equal opportunity.
Letters to Congress: Letter Urging Inclusion of Targeted First Generation Down Payment Assistance in Build Back Better
AFR joined a letter to Congress highlighting the urgent need to include targeted first generation down payment assistance (DPA) in the Build Back Better Act.
In The News: Private equity, hedge funds accounted for over $625 million in political spending during 2020 campaign, study says (CNBC)
“Whether it is preserving favored tax loopholes or forestalling more comprehensive reform, private fund executives spend on politics for the purpose of getting richer at the expense of everyone else,” Ricardo Valadez, private equity campaign manager at AFR, said.
Wall Street private equity and hedge funds pumped at least $627 million into the political process – campaign contributions and lobbying – during the 2019-2020 election cycle. The sum, amounting to about $858,000 each day, reflects the meteoric rise in the size and scope of the private funds industry, which has come to control vast swaths of the American economy over the last decade.