Congress Archives - Page 4 of 27 - Americans for Financial Reform

News Release: Financial Services and Consumer Groups Support Senate Bill to Close Industrial Loan Company Loophole

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.

Letters to Congress: Support for the Close the Shadow Banking Loophole Act

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.

Letters to Congress: Letter in Support of Karla Gilbride’s Nomination

AFR joined a letter supporting the nomination of Karla Gilbride to serve as General Counsel of the U.S. Equal Employment Opportunity Commission.

News Release: Voting Record Highlights Lawmaker Stands on Financial Reform in 117th Congress

Americans for Financial Reform released a record of votes during the first session of the 117th Congress regarding consumer protections, climate financial regulation, and Wall Street accountability. The report includes a selection of votes on legislation and on confirmations of President Biden’s nominees to positions important for financial regulation and Wall Street accountability.

Blog: Congress Takes Historic Step to Tax Stock Buybacks

Schumer uttered those words as the Senate was on the brink of passing the Inflation Reduction Act—the compromise reconciliation bill that resulted from prolonged, heated negotiations amongst Democrats. The version that will go to President Biden includes something brand-new in U.S. economic policy: a one percent excise tax on stock buybacks, which reached an astonishing $882 billion last year.

News Release: Bank Oversight Should Advance Racial, Environmental Justice

Federal banking regulators should ensure that banks advance financial inclusion, further racial justice in lending and avoid making loans or investments that harm the environment or cause housing displacement, a group of public interest organizations argued today.

News Release: AFR Applauds Overdraft Protection Act’s Passage in the House Financial Services Committee

Washington, D.C. — Americans for Financial Reform applauds the House Financial Services Committee’s passage of Rep. Maloney’s long-standing bill, the Overdraft Protection Act, which passed by a vote of 27-22.

Why Crypto is not the Solution to Financial Inclusion

Americans for Financial Reform and the Take on Wall Street campaign gathered several experts on July 1 to lay out the multiple ugly truths about crypto and addressed a few reasons why we should not take the promises made by its most enthusiastic advocates at face value, and why regulators need to use the authority they already have to oversee this market.

classroom with students and a student with a backpack standing up with papers - Photo by javier trueba on Unsplash

Letters to Congress: Repeal Taxation of Pell Grants

AFR joined a letter to Congress in support of repealing taxation of Pell Grants.

Letters to Congress: Letter Calling for Housing Investments in Revised Reconciliation Bill

AFR joined a letter calling on Congress to include historic, equity-minded housing investments in a revised budget reconciliation bill to narrow the racial wealth gap and increase fair and sustainable homeownership opportunities for communities of color.