Americans for Financial Reform

Letters to Congress: Letter Supporting the Nomination of Rep. Marcia Fudge as the Next HUD Secretary

AFR joined a letter expressing strong support for the nomination of Rep. Marcia Fudge as the next Secretary of the Department of Housing and Urban Development. The letter cited Rep. Fudge’s stand-out qualifications, her long track record of working across party lines and with a wide range of stakeholders, and her demonstrated lifelong commitment to advancing the civil rights of all people. It urged the Senate to support her prompt confirmation.

In The News: Opinion: The Trouble With GameStop Is That the House Still Wins (The New York Times)

The real solution to breaking the power of finance is to rebalance the recession-wracked economy. Rather than gambling on the dubious promise of more Americans gaining access to the casino, it’s time to rewrite the rules to ensure that the house doesn’t always win, writes Alexis Goldstein, senior policy analyst at AFR.

A book titled "Consumer Protection" on a desk with a gavel resting on top

Joint Letter: Letter to President Biden Calling for Consumer Protections in Next Covid Legislation

Americans for Financial Reform joined a letter to the Biden administration highlighting the critical budget-related items that would help consumers in any upcoming Covid legislation. The letter urged President Biden to halt garnishment and offset certain tax refunds, fund a Housing Assistance Fund and housing counseling, and cancel student debt.

News Release: Comment on Biden Administration Executive Order on Tackling the Climate Crisis

The Biden Administration today issued an Executive Order initiating an ambitious government-wide effort to tackle the climate crisis. Just one week into his term, President Biden has already re-entered the U.S. into the Paris Agreement and appointed strong climate leaders. What we need next from the Administration is a more detailed plan for how our federal financial regulators should engage in this effort. Financial regulation and supervision are pivotal tools the Biden Administration can use to help address the climate crisis in an equitable way.

Memo: Sustainable Investing Under the New ERISA ESG Rules

Despite recent DOL rule changes, private retirement plan fiduciaries can still incorporate ESG factors into their investment actions to protect their participants’ retirement savings, maximize returns, and contribute to a more sustainable financial system. Here’s what you need to know.

Letters to Regulators: Letter to the CFPB to Prevent Covid Foreclosures

AFREF joined a letter urging the CFPB to take immediate action to prevent a wave of Covid-19-related foreclosures, likely to be concentrated in low-income communities and communities of color.

In The News: Wall Street Insider Turned Tough Market Cop: Biden’s Pick To Head SEC (NPR)

If he’s confirmed to run the SEC, there will be a lot that needs fixing, says Marcus Stanley, who worked with Gensler as a Senate staffer after the financial crisis. Stanley is now the policy director of Americans for Financial Reform. “It’s an absolutely critical regulator,” says Stanley, about the SEC. But, he says, “the SEC as an organization needs some change.” He says perhaps more than any other regulator, the SEC “continued with its pre-2008 record of deregulation, even after the financial crisis.”

a student with books - Photo by Element5 Digital on Unsplash

News Release: Federal student loan borrowers need more relief

As the payment pause on federal student loans was extended without modification, the suspension on payments and waiving of interest only goes to borrowers with federally-held loans. It continues to leave an estimated 9 million of federal student loan borrowers without any relief at all.

Joint Letter: Letter to President Biden Opposing Any Weakening of Federal Securities Laws

Americans for Financial Reform joined a letter to the Biden Administration urging them not to weaken the securities laws through the further expansion and deregulation of the private offering marketplace. The letter warns that further expanding the pool of securities exempt from the disclosure and investor protections afforded by the federal securities laws has the potential to damage economic recovery, including by increasing the probability of fraud and hindering the efficient allocation of capital.

News Release: AFR Applauds Nomination of Chopra to Lead CFPB

We applaud the nomination of Rohit Chopra to lead the CFPB. His commitment to consumer protection, his effectiveness at using the tools of government to serve the public interest, and his willingness to challenge powerful corporate interests when necessary are exactly what the Bureau needs to fulfill its crucial consumer protection mission.