Public advocates sent a letter to Congress in support of the Pandemic Anti-Monopoly Act, a proposal from Senator Elizabeth Warren and Congresswoman Alexandria Ocasio-Cortez to prevent big corporations and Wall Street investors from exploiting the pandemic to further consolidate their economic and political power.
Letter calling on Congress to include consumer protections in COVID-19 relief
Joint letter asking FHFA, HUD, VA and USDA to provide tenants with a mechanism to identify whether their apartment, home, or manufactured housing is covered by the tenant protections in the CARES Act
Coalition letter to FHA on clarifying and improving protections for borrowers facing hardship related to covid-19.
At the peak of the coronavirus pandemic, big banks will be paying some $13 billion in shareholder dividends. If this level of dividends continues for the rest of 2020, big banks could be permitted to pay out over $50 billion in dividends for 2020.
Policy Recommendations: Critical Post-CARES Act Financial Policy Steps to Respond to the Coronavirus
Americans for Financial Reform released a set of financial policy recommendations for Congress to fix the problems and loopholes in the CARES Act, to further protect and support individuals, families and communities in the face of this crisis, and to lay the groundwork for an equitable and sustainable economic recovery.
Letter to Congress: Joint Letter Asking Congress to Protect COVID-19 Stimulus Checks from Garnishment
AFR joined this letter to Congress urging Congress to take the steps needed as soon as possible to clarify that COVID-19 stimulus payments to help households during this public health emergency are exempt from garnishments. View or download pdf here.
News Release: Fed Must Set Priorities, Impose Conditions, Ensure Transparency for Coronavirus Funding
Absent major changes, the Federal Reserve’s multi-trillion-dollar funding programs will reward corporate insiders and financial speculators, without guaranteeing desperately needed help for those hardest-hit by the coronavirus crisis. The Fed needs to set the right priorities for this credit and impose conditions that ensure the benefits of this extraordinary assistance go to those who need it most.
Together, these facilities could deploy up to $2.3 trillion in new credit to the economy during the pandemic crisis period. Without major changes these facilities will not be effective in getting assistance to those most impacted by the crisis, and disclosure and transparency regarding specific borrowers and loan terms is lacking. Our comment provides specific recommendations to address these issues.
AFR Education Fund released the following policy memo analyzing the Federal Reserve’s unprecedented move to provide direct credit to states and localities. A pdf copy of the memo is available here. Review of New Federal Reserve Facilities On April 9th the Federal Reserve announced six