“The administration’s order includes the recognition that the rapid growth of digital assets as instruments for financial speculation is creating a wide range of serious risks and harms for consumers, investors, and the public at large. It is important that the order recognizes and articulates a set of these risks, and a whole of government approach can help address the scale and scope of the potential harm. It will be important for the studies authorized by the order to generate useful data and momentum for decisive regulatory action,” said Mark Hays, senior policy analyst with AFR and Demand Progress.
In The News: Seeking to Rein in Capitalism, Omidyar Is the Rare Funder Taking on Wall Street (Inside Philanthropy)
“So many fundamental decisions about how the economy works, and who it works for, and who is excluded are made through the decisions we make about finance,” [AFR Executive Director Lisa Donner] said. “There is a huge opportunity to have a transformative impact.”
Yesterday, the House passed the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (Comprehensive CREDIT Act), H.R. 3621, in a 221-189 vote.
It was no longer a lonely effort. Mr. Frank, a powerful committee chairman, was now an ally. So was an emerging coalition of progressive groups, labor unions and consumer advocates, known as Americans for Financial Reform. Ms. Warren sought out its leader, Heather Booth, for insight into political organizing. “She knew many of the players on the policy side,” Ms. Booth said. “What she hadn’t been experienced with were the politics.”
For 5 years, Lake Research Partners and Chesapeake Beach Consulting have polled the public on Wall Street reform. For 5 years running, they have found broad, bipartisan support for the goals of the Dodd-Frank law — and more.
The 2017 AFR/CRL poll reveals strong, bipartisan support for further regulation of Wall Street, and widespread agreement with the mission of the Consumer Financial Protection Bureau.