Americans for Financial Reform

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.”

AFR in the News
Private Student Loan Debts Highlight Need for Fully Operational CFPB

AFR in the News: Private Student Loan Debts Highlight Need for Fully Operational CFPB The Institute for College Access & Success and Americans for Financial Reform hosted a conference call with reporters and bloggers on Tuesday, October 25th to discuss private student loan debt and

AFR and CFA Letter
Urge to CFTC to Impose Strong Business Conduct Standards

AFR wrote a letter to the CFTC urging them to maintain strong business conduct standards for derivatives dealers when dealing with municipalities and pension funds.

AFR Press Statement
Senate Banking Committee hearing on Empowering and Protecting Servicemembers, Veterans and their Families in the Consumer Financial Marketplace

We applaud Senator Johnson for holding this important hearing. In 2006, the Department of Defense (DoD) issued a “Report on Predatory Lending Practices Directed at Members of the Armed Forces and Their Dependents”, which concluded that “predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all volunteer fighting force.” In surveys conducted by DoD last year, personal finances ranked second on the list of causes of stress for servicemembers, second only to career concerns. Financial problems are now the top cause of revocation of military security clearances.

CFA Press Release
Oil Speculation on Wall Street Devastates Household Budgets on Main Street

Dr. Mark Cooper, CFA Director of Research, submitted the following statement for the record of the hearing on Excessive Speculation and Compliance with the Dodd-Frank Act, being conducted by the Senate Committee on Homeland Security and Governmental Affairs, along with CFA’s recent report entitled Excessive Speculation and Oil Price Shock Recessions: A Case of Wall Street ‘Déjà vu All Over Again.’