FOR IMMEDIATE RELEASE CONTACT: Doug Gordon, 202-822-5200 DATE: October 7, 2009 Americans for Financial Reform: Congress Needs To Take On Big Banks, Protect Consumers Draft Legislative Language On Derivatives Is Not Enough; All Transaction Need to Be Transparent Washington, DC – Americans for Financial Reform
On October 7, USA Today ran this excellent opinion piece. Here’s an excerpt: New financial watchdog could curb abusive practices, limit fine print. In Washington, it’s always easier to kill a new idea than to promote one. And that’s what the banking industry is counting
click here for link Thursday, October 1, 2009 For more than three hours Wednesday, supporters and opponents of a new federal agency that would oversee mortgages, credit cards and other consumer financial products dug deeper into their trenches in Room 2128 of the Rayburn House
October 1, 2009 By LOUISE STORY and ERIC DASH Click here for link Less than a year ago, Bank of America’s chief executive, Kenneth D. Lewis, celebrated his daring takeover of Merrill Lynch as the crowning triumph of a long career. On Wednesday, that conquest
The New York Times ran this excellent editorial on September 13, 2009. Here’s an excerpt explaining the need for a strong Consumer Financial Protection Agency (CFPA): CONSUMER PROTECTIONThe financial crisis would have been less severe — or largely avoided — if regulators had curbed abusive
Download this white paper as a PDF. A National Consumer Law Center White Paper, September 2009 EXECUTIVE SUMMARY: Consumer protection in the financial world has been dramatically weakened in the last several years by preemption of state consumer protection laws. Broad preemption of state law
The House of Representatives passed H.R. 4173, the Wall Street Reform and Consumer Protection Act, on December 11, 2009. Read AFR’s statement on its passage below. Read all of our posts about the battle in the House here. Read more about the battle in the House:
The Senate passed S. 3217, the Restoring American Financial Stability Act, on May 20, 2010. Read AFR’s statement about its passage below. Read all our posts about the battle in the Senate here. Read more about the battle for reform in the Senate: General letters and miscellaneous topics
A House and Senate Conference Committee met in June 2010 to hammer out the differences between their versions of financial reform bill. On June 29, they issued their final report which was subsequently passed by both chambers and signed into law by President Obama. Below