Congressional Republicans have moved on to their next target for financial deregulation: Republicans in Congress and the consumer finance industry want to eliminate or hobble the Consumer Financial Protection Bureau. The agency has provided $16 billion in restitution or cancelled debt to 192 million consumers since the agency began operation in 2010. It’s one of the few institutions, public or private, that has earned Americans’ confidence in a long time.
AFREF, the Institute for Policy Studies, Global Economy Project, and Public Citizen led a letter with 22 additional signatories to the agencies tasked with implementing section 956 of Dodd-Frank. That section tasked six agencies with promulgating regulations to prevent incentive-based executive compensation that encourages “inappropriate risk” by May 2011. Almost 12 years later, we don’t have a final rule. The letter was sent to regulators ahead of congressional hearings that will examine recent bank failures.
Washington, D.C. – The House vote to nullify the Department of Labor rule that protects workers and their life savings today is further proof that too many members of Congress will continue to do everything in their power to protect corporate interests—including fossil fuel companies looking to postpone the inevitable decarbonization of the economy.
AFR and Public Citizen led a letter to members of Congress, urging them to oppose a Congressional Review Act Resolution seeking to nullify the Department of Labor’s important new rule that safeguards workers’ retirement security. Over sixty organizations signed on to the letter.
AFR and Demand Progress led a group of consumer advocates and public interest organizations to send this letter to Congress, asking Members to take a more deliberative and systemic approach to advancing policies to regulate digital assets. The letter urged Congress to resist pursuing legislative proposals compromised by crypto industry influence or that do not adequately address the systemic problems found within the digital asset industry. Instead, the signers called on Congress to empower financial regulators to use their existing authorities and prioritize consumer and investor protection over the digital asset industry’s largely unproven promises.
WASHINGTON, D.C. — Private equity billionaires would be among the big winners from a corporate lobbying push in Congress to reap a windfall from a retroactive tax break in the omnibus bill now being crafted. Lobbyists and their many allies in Congress are trying to repeal new restrictions that took effect this year that limit how much corporations can deduct in interest payments on their debt.
A corporate tax break that could give some of Wall Street’s wealthiest people a $200 billion gift over ten years is under consideration as part of the omnibus budget negotiations underway in Congress this month. At issue are provisions of the 2017 Trump tax bill that took effect this year, and the private equity’s lobbying effort to overturn the parts of the law that limit a key tax break.
Today, a broad coalition of financial services and consumer organizations expressed support for new legislation to close the industrial loan company (ILC) charter loophole, the “Close the Shadow Banking Loophole Act.” The legislation, introduced by Senate Banking Committee Chairman Sherrod Brown (D-OH), Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), prohibits shadow banks and nonbank commercial entities from taking advantage of legal loopholes. These loopholes allow these companies to control a full-service FDIC-insured depository institution without being subject to the comprehensive set of rules designed to keep the financial system safe.
AFR joined a joint coalition made up of consumer advocates and bank trade groups on this letter to Congress to express our support of the Close the Shadow Banking Loophole Act recently introduced by Senators Brown, Casey, and Van Hollen. This bill will close the Industrial Loan Company charter loophole that allows Big Tech and other large commercial firms from owning a bank without adequate oversight.