Following reports that Facebook is scaling up its cryptocurrency efforts with the launch of a pilot of its cryptocurrency wallet “Novi”, Demand Progress Education Fund and Americans for Financial Reform Education Fund released the following joint statement.
The Federal Reserve has announced the results of its 2021 bank stress tests. Since then, these results have led a steady parade of the largest banks in the country to announce dramatic increases in dividends. The stress tests will also enable greater share buybacks and other capital distributions by banks. This will enrich senior executives and large shareholders, while putting financial stability at risk.
Policy Recommendations: Recommendations for Immediate Action by the Biden Administration in Banking and Markets Regulation
AFR released recommendations for “Day One” policy actions by the Biden Administration in the areas of banking regulation, securities and markets regulation, and addressing systemic risk. These are actions that could be taken without a lengthy rulemaking and would make immediate progress toward a fairer
Policy Recommendations: Recommendations for Systemic Reform to Create a Safe and Just Financial System
AFR released a recommended set of systemic reforms outlining steps to create a safe and just financial system. These include both reversing the deregulation of the Trump years and taking positive steps to create a far more secure and inclusive financial system. The full document
Letter to Congress: AFR Opposes A Dozen Deregulatory Bills in House Financial Services Committee Markup
AFR sent a letter opposing a dozen different deregulatory bills being marked up by the House Financial Services Committee. AFR Letter Re HFSC 11-14 Markup