Dave Clarke (Reuters)
“The Volcker rule has created a new battlefield over Wall Street pay that banks fear will send their star traders and hedge fund advisers fleeing. … ‘The question is whether just saying that compensation arrangements cannot encourage proprietary risk taking is enough or whether they have to be more specific,’ said Marcus Stanley, policy director for the group Americans for Financial Reform.”
Ryan Grim (Huffington Post)
“Boosted by the Occupy Wall Street movement, two Democrats in the House and Senate are renewing a push for a transaction tax on speculative trades. … Americans for Financial Reform, a coalition of progressive and labor organizations focused on reforming Wall Street, threw its weight behind the tax in a letter to the super committee:”
Click here to view this week’s highlights and lowlights in Wall Street Reform – October 22, 2011 – October 28, 2011.
Today, Americans for Financial Reform sent a letter to President Obama and Secretary Geithner requesting that they “urge the Joint Select Committee on Deficit Reduction to examine a small levy on financial speculation as a revenue-raising measure.”
AFR sent a letter to President Obama and Secretary Geithner asking that they urge the Super Committee to support a financial transaction tax.
AFR and Consumer Federation of America sent a letter to congress opposing weakening of Sarbanes-Oxley protections against accounting fraud.
The Institute for College Access & Success and Americans for Financial Reform hosted a conference call with reporters and bloggers Tuesday, October 25, 2011 at 12:00 PM EDT to discuss private student loan debt and what the impact of delaying the confirmation of a Consumer Financial Protection Bureau Director means for students and families. Listen to the replay.
“Irresponsible deregulation of the financial industry – and the conduct it made possible – was a root cause of the financial crisis that has cost millions of jobs and trillions of dollars in home equity and retirement savings. The ‘Regulatory Accountability Act’ would further stack the deck towards Wall Street special interests, and make it impossible to put in place the common sense rules we need to demand transparency and accountability in financial markets, and prevent the financial industry from repeating the extraordinarily reckless practices for which most of us are paying so high a price.”
Click here to view this week’s highlights and lowlights in Wall Street Reform – October 15, 2011 – October 20, 2011.
Read the letter that was sent to Ambassador Michael Punke in support of a review of WTO rules to ensure sufficient policy space for financial regulation here.