Tag Archives: Congress

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AFR Letter: Support the SAFE Act

AFR sent a letter to Senator Sherrod Brown, pledging our support for “The Safe, Accountable, Fair, and Efficient Banking Act of 2012.” The SAFE Banking Act would limit the total size of any banking institution and impose a leverage limit of 10 to 1, and thus ensure that all of our financial institutions are fully exposed to market discipline.

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AFR Letter: Oppose HR 3527

AFR sent a letter to the House urging members to oppose HR 3527, which would create unnecessary roadblocks to enforcement of derivatives oversight on big Wall Street banks and the financial services industry.

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AFR in the News: Is Dodd-Frank being rolled back while no one is looking?

“It’s par for the course for the GOP-controlled House to pass bills that few people notice and that ultimately go nowhere. But it’s rare for legislators to join hands across the aisle to roll back parts of President Obama’s signature legislative achievements. That’s what happened on Monday, when the House passed two little-noticed bills that changed the derivatives rules under the Dodd-Frank Act. … But critics of the bills, like Americans for Financial Reform, believe that the legislation could make substantive changes to Dodd-Frank that would increase risk and instability in the marketplace.”

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AFR Letter: Oppose HR 2586

AFR sent a letter to the House voicing our strong opposition to HR 2586, the “Swaps Execution Facility Clarification Act”. HR 2586 would undermine a key element of derivatives reform – the attempt to create transparent, competitive markets for previously ‘dark’ over-the-counter (OTC) derivatives.

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AFR in the News: Swaps Bill Offers Dodd-Frank Dodge, Consumer Group Says

“In a March 27 letter to members of the committee, Americans for Financial Reform writes that the swaps bill, introduced last October by Rep. Scott Garrett, R-N.J., chairman of the House Financial Services Subcomittee on Capital Markets, ‘would undermine’ the regulatory regime for derivatives laid out by Congress in the Dodd-Frank act ‘by exempting any derivatives transaction between a U.S. swap dealer and a non-U.S. entity from all the major protections contained in Title VII of the Dodd-Frank Act,’ with the one exception being reporting requirements to regulators.”

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AFR in the News: Tweaks to Wall Street overhaul law starting to move

“Also on Tuesday the Financial Services Committee approved a bill to limit the international reach of new U.S. swaps and derivative rules. …The group Americans for Financial Reform, a strong backer of Dodd-Frank, warned the bill would allow U.S. banks to evade oversight. ‘In addition to seriously undermining the basic transparency and accountability requirements in the U.S., such a ‘race to the bottom’ would be a serious blow to the entire international effort to make derivatives markets safer,’ the group said in a statement.”