AFR sent a letter to the House this morning urging members to oppose HR 3283. HR 3283 would allow U.S. banks to evade Dodd-Frank derivatives regulation by dealing through their foreign subsidiaries. This could fatally undermine derivatives oversight.
“H.R. 3283 would let U.S. banks trade derivatives, such as credit default swaps, overseas without having to build up any extra capital to protect against a meltdown in those derivatives. ‘This would create an overwhelming temptation to move swaps business overseas, indeed to the foreign jurisdictions where regulation was most lax compared to the U.S.,’ Americans For Financial Reform, a coalition of labor, consumer and other groups, wrote in a letter to the House today.”
“Consumer advocates said the two bills could lead to abuses. For example, the bill addressing transactions between related companies refers to swaps between ‘affiliates.’ Marcus Stanley, policy director for Americans for Financial Reform, said he worried that corporate lawyers would try broadening the use of that term to include more and more companies. ‘It’s ridiculous to put this broad exemption into statute,’ Stanley said.”
AFR sent a letter to the House, urging opposition to HR 2779 and HR 2682, two harmful derivatives bills which are inaccurately being presented as ‘technical amendments’ necessary to correct minor issues in the Dodd-Frank Act.
“We are deeply disappointed by the Senate passage of the so called “JOBS Act.” With the country still suffering from hard times and high unemployment in the wake of the financial crisis, it is almost unbelievable that the Senate would rush passage of measures that will undermine transparency and accountability in the capital markets, and expose our families to a new round of fraud and abuse. But that is what they have done.”
U.S. PIRG sent a letter to the Senate this morning, echoing AFR’s letter supporting both the Reed and the Merkley-Bennet-Brown Amendments and urging members to vote NO on the JOBS Act.
The AFL-CIO sent a letter to the Senate this morning urging members to vote YES on the Reed Amendment to the JOBS Act.
AFR and CFA sent a letter to the Senate urging members to support both the Reed Amendment and the Merkley-Bennet-Brown Amendments, and to vote NO on the underlying bill.
FOR IMMEDIATE RELEASE: March 22, 2012 Contact: AARP Media Relations 202-434-2560 media@aarp.org AARP: JOBS Act Lacks Vital Investor Protections Washington, DC – AARP Senior Vice President Joyce Rogers issued the following statement today in response to the Senate passage of
AFR sent a letter to members of the Senate Appropriations subcommittee on Financial Services today urging them to full fund the CFTC.