Toxic Money: Wall Street’s Evil Twin—How Private Equity Propels the Climate Crisis
The private equity industry has pumped hundreds of billions of dollars into fossil fuel companies with little scrutiny.
Letter to Regulators: Letter Commenting on the SEC’s Proposal on Money Market Reforms
AFREF sent a letter to the Securities and Exchange Commission supporting its proposals to reform Money Market Mutual Funds to better protect investors and the financial system. Money Market Mutual Funds have now been bailed out by policymakers twice in the last 12 years and benefit from paying higher interest rates above bank deposits without being subject to the same investor protection and safeguards as them.
Letters to Regulators: Modernization of Beneficial Ownership Reporting
AFREF sent a comment to the Securities and Exchange Commission (SEC) supporting the SEC’s proposals to modernize the reporting of beneficial ownership by including cash-settled derivatives in large position reports over Schedules 13D and 13G. We also urge the SEC to clarify its definition of who should constitute a “group” under the proposal as it should only apply to the sharing of material nonpublic information related to not yet disclosed large positions instead of efforts to improve the long-term corporate governance of companies.
Financial Policy Stymied as Biden Faces Confirmation Struggles
“There’s nothing happening to reverse the Trump deregulatory agenda at the Fed or to think about what the Fed ought to be doing on financial regulation,” said Lisa Donner, executive director of Americans for Financial Reform, an advocacy group that represents unions and civil-rights and consumer groups.
Blog: SEC’s proposal on SPACs would better protect investors as financiers profit regardless
The Securities and Exchange Commission’s (SEC) proposals on Special Purpose Acquisition Companies (SPACs) provide retail investors with much greater investor protections, which is welcome news to AFR, as we have been urging such changes for more than a year.
News Release: Banks, Credit Unions and Consumer Groups Call for Passage of Bipartisan Solution to Close ILC Loophole
Washington, D.C. — A broad coalition of bank and credit union associations and consumer organizations submitted a letter today to the U.S. House Committee on Financial Services urging passage of the Close the ILC Loophole Act, introduced by Representatives Chuy Garcia (D-IL) and Lance Gooden (R-TX).
In The News: Banks change their tack in navigating the culture war
“When we talk about the [North Carolina] bathroom bills of 2016 and 2017 compared to now, my first response is, well, they haven’t felt that the public pressure that they would be feeling to do something is worth more than the financial benefit they have from doing nothing,” said Mandla Deskins, an advocacy manager for Take on Wall Street, an activist coalition that pushes for financial reform. “That is the calculation that I would assume banks are always making,” Deskins added, “because it’s not like they have some long-standing position against hate.”
Letter to Congress: Joint Letter with Consumer Advocacy Groups, Credit Unions, and Banking Industry Groups Calling on Congress to End Banking Loophole
AFR joined a broad coalition of bank and credit union associations and consumer organizations in submitting a letter to the U.S. House Committee on Financial Services urging passage of the Close the ILC Loophole Act, introduced by Representatives Chuy Garcia (D-IL) and Lance Gooden (R-TX).
“Ethically Challenged” Book Talk with Prof. Laura Olson
Prof. Olson calls for governments to curb the spread of the private equity industry in health care through regulations and changes to tax laws.
Letters to Regulators: Letter to the SEC on Stock Buybacks
AFREF led a letter with thirteen organizational signatories commenting in support of a rule proposed by the Securities and Exchange Commission that would significantly increase the transparency of stock buybacks. A central component of the proposed rule is daily disclosures of stock buybacks. (Current disclosure requirements are only quarterly.) In the comment letter, we commend the SEC on the proposed rule and make recommendations to further strengthen protections against market manipulation and insider trading that we believe would improve long-term financial stability and growth.