AFR Statement: Oppose OCC Bid to Control Consumer Protection
The OCC’s proposals would directly weaken financial regulatory protections and push aside other agencies so the OCC could take critical guardrails off of Wall Street on its own
Tag Archives: Congress
Letter to Congress: Oppose H.R. 10 – The Wall Street’s CHOICE Act Would Devastate Financial Regulation
“H.R. 10, the ‘Financial CHOICE Act’… would be better dubbed ‘Wall Street’s CHOICE Act,’ as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis.”
AFR Statement: House Committee Approves Gift to Wall Street and Predatory Lenders
The committee has passed a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers and investors, and would increase the likelihood of another financial crisis. If it became law it would make life harder for American families and for small businesses of all types.
AFR Testimony: Reject Wall Street’s CHOICE Act
“This legislation would be better dubbed ‘Wall Street’s CHOICE Act,’ because it would have a devastating effect on the capacity of regulators to protect the public interest and defend consumers from Wall Street wrongdoing and the economy from risks created by too-big-to-fail financial institutions.” — testimony at House Financial Services Committee hearing, April 26
Letter to Congress: Enhanced Financial Protections for Small Businesses
“Small businesses are a primary driver of job growth and wealth creation in the United States, providing more than half the country’s jobs and two-thirds of net new jobs. …There is a strong and growing consensus that small businesses should have stronger federal protections in the financial marketplace. …The best agency to oversee protections for small businesses is the CFPB. The CFPB is the primary enforcer of the core statutes that protect borrowers and other users of financial services against misconduct.”
AFR Report: Wall Street Lobby and Campaign Cash Tops $2 Billion for 2016 Elections
During the 2015-16 election cycle, Wall Street banks and financial interests spent more than $2 billion to influence decision-making in Washington, according to a report released today by Americans for Financial Reform. That total, derived from an exclusive data set, works out to more than $2.7 million a day.
Joint Letter to Congress: 304 Organizations Say No Backdoor Giveaways to Wall Street
“The budget is not the place to try to force through provisions that are dangerous to economic stability or to families economic security, would not pass alone, or that the President would likely veto. We strongly urge Members of Congress to oppose any flawed funding proposals that undermine the CFPB, the Dodd-Frank Act, the DOL’s conflict-of-interest rule, or other financial reform and accountability legislation or regulations.”
Letter to Congress: AFR Urges Congress to Keep Our Markets Safe, Reject HR 2289
“On behalf of Americans for Financial Reform, we are writing to express our opposition to HR 2289, “The Commodity End User Relief Act”. This legislation would have a severe negative impact on the Commodity Futures Trading Commission (CFTC) and its ability to police commodity and derivatives markets.”
AFR in the News: Dodd-Frank Rollback Bill Advances in Senate (ThinkAdvisor)
“Americans for Financial Reform stated that the bill is ‘fundamentally misconceived: while its proponents claim to be focused on the needs of small community banks, the substance of the bill reads more like a deregulatory wish list for big banks and other large financial players.’ AFR stated that a ‘disturbing number of lawmakers are once again willing to act as shills for Wall Street and its discredited deregulatory agenda,’ adding that it’s ‘unlikely that this dangerous bill or anything like it will become law.’”