This Week in Wall Street Reform
Click here to view this week’s highlights and lowlights in Wall Street Reform – January 21, 2012 – January 27, 2012.
AFR in the News: Consumer Bureau chief vows cooperation with skeptical Republicans
“Asked to evaluate Cordray’s performance, John Carey, spokesman for the consumer coalition called Americans for Financial Reform, said: ‘There are reasons that Director Cordray received a wide range of support, across the political spectrum, from those that know and worked with him in Ohio. He is fair, tough and thoughtful, and those traits were on full display yesterday.’”
AFR in the News: Public Citizen, Other Groups Call For U.S. To Break Up Bank Of America
“Nearly two dozen professors and groups have joined the effort. Bank of America, the Fed and the Treasury declined to comment on the planned petition. …the letter was distributed on a list-serve for a coalition called Americans for Financial Reform…”
AFR in the News: Gillibrand Enters Volcker Rule Fray
“‘It is specious to the point of misleading to suggest that the needs for liquidity currently provided by banks will not be filled,’ Wallace Turbeville, who represented Americans for Financial Reform, a nonprofit group that favors new restrictions on Wall Street risk-taking, told a Congressional committee this month.”
AFR Letter: Reject Harmful Derivatives Bills in House Agriculture Committee
Read our letter to members of Congress urging them to reject HR 1840, 2779, 2586, 2682, and 3527, a series of derivatives bills in the House Agriculture Committee that would severely weaken regulation.
AFR Letter: Don’t Delay in Implementing Corporate Governance and Executive Compensation Reforms
AFR sent a letter to SEC Chairman, Mary Schapiro indicating our objection to the SEC’s decision to delay implementation of Section IX of Dodd-Frank. This will result in the delay of corporate governance and executive compensation reforms necessary to the public interest.
AFR Press Statement: CFPB Final Rule on Remittance Consumer Protections
“People in the US send more than $400 billion in remittances each year, hard earned dollars that are crucial for their families overseas. We applaud the CFPB for a rule that will provide clarity and confidence for consumers. This rule lets people compare prices and shop for the best service, and defend remittance senders’ rights if companies do not fulfill their obligations or if money is not delivered as promised.”
AFR in the News: U.S. Regulators to Defend Volcker Rule Ban on Proprietary Trades
“Consumer groups and supporters of the rule have leaned on regulators to stick to the implementation timeline and pushed back against assertions that the rule will damage capital markets. The arguments from financial firms ‘are all founded on the irrational assumption that, once bank proprietary trading ceases under the Volcker Rule, others will not expand to meet demand,’ Wallace C. Turbeville, a former Goldman Sachs banker, said in testimony prepared for the hearing on behalf of Americans for Financial Reform, an umbrella organization made up of consumer groups, labor unions and civil rights law firms.”
AFR in the News: Regulators defend 300-page ‘Volcker Rule’ on risky trading
“However, a representative of the group Americans for Financial Reform argued the Volcker Rule is a vital safeguard for the financial system, ensuring that American taxpayers no longer effectively guarantee risky trading done by insured depository institutions.”
AFR in the News: New Laws Possible In Wake of MF Global’s Demise
“Lawmakers are considering new policies aimed at preventing a repeat of the MF Global debacle…the committee’s chairwoman, Senator Debbie Stabenow, sent roughly 20 letters on Wednesday to some of the industry’s biggest players, seeking suggestions for new policies. … She sent letters to consumer advocacy groups, including Americans for Financial Reform…”