coronavirus Archives - Page 5 of 5 - Americans for Financial Reform

photo of a student borrower looking sadly at the sky - Photo by Matese Fields on Unsplash

News Release: The CARES Act fails to provide sufficient relief to federal student loan borrowers

The 43 million federal student loan borrowers are not getting meaningful relief from the CARES Act. It leaves an estimated 9 millions of federal student loan borrowers without any relief at all, does not guarantee that borrowers won’t face large principals when they return to repayment, and doesn’t include cancelling student debt, a move that both provides crucial relief to distressed borrowers and stimulates a fast-contracting economy.

Joint Letter: Letter to HUD asking for COVID-19 protections for reverse mortgage borrowers

Letter to HUD asking for needed protections for reverse mortgage borrowers facing challenges due to COVID-19

Joint Letter: 47 Organizations Urge Regulatory Agencies to Suspend All Non-Coronavirus Related Rulemaking Until National Emergency is Over

AFR Education Fund and 46 other organizations sent a letter to regulatory agencies urging them to suspend all non-COVID-19 rulemaking activity. Public advocates and regulatory agencies should focus all resources on responding to the public health emergency and the economic crisis.

News Release: McConnell Proposal on Coronavirus Crisis Falls Far Short

This major crisis demands a massive and swift response, but it must focus first on health care, and then on easing the burdens on everyday people, communities, and small businesses who are hardest hit. The McConnell proposal falls far, far short of what the situation demands.

Joint Letter: Letter to Regulatory Agencies Requesting Extension of Public Comment Periods

AFR Education Fund and 46 other organizations sent a letter to regulatory agencies requesting extensions of all public comment periods during the COVID-19 emergency.

In The News: States Need Help From the Fed This Time (Bloomberg Opinion)

State and local governments are the main providers of basic public services in the U.S. They are on the front lines of combating the Covid-19 pandemic, the most serious public-health threat in a century. But it’s unlikely these governments will have the funds they need to fight the epidemic properly unless Congress acts to require the Federal Reserve to expand state and local fiscal powers.

Photo by CDC on Unsplash of the COVID19 virus

Policy Recommendations: AFR Education Fund Financial Policy Responses to the COVID-19 Pandemic

The COVID-19 pandemic requires an aggressive economic response that creates the best possible conditions to preserve public health and helps individuals, families, and communities weather the disruptions that efforts to contain the pandemic require.

In the News: Trump suspends interest on all federal student loans to ease financial impact of coronavirus

“With so many facing the prospect of lost wages or lost jobs, the government can and should do more than waive interest, which is merely an economic Band-Aid on the gaping financial wound the pandemic is causing,” said Alexis Goldstein, senior policy analyst at the liberal think tank Americans for Financial Reform. “The Education Department has the authority to cancel student debt, and using it would mean both short- and medium-term economic stimulus that helps all Americans.”

Wall Street sign and a stoplight turned red - Photo by Roberto Júnior on Unsplash

News Release: Wall Street Should Not Drive Coronavirus Response

Apart from the obvious fact that this is a public health crisis and should be treated as such, we should all be immensely skeptical of any suggestion from Wall Street that it needs a bailout or any kind of assistance. We need to help people, not profits.

In The News: Financial System Faces Biggest Test Since 2008 as Coronavirus Spreads (The New York Times)

“We are in a much more fragile situation than we should be because the regulators haven’t been on the job,” said Marcus Stanley, policy director for Americans for Financial Reform. “This is a real economic crisis we’re facing.”