Federal Reserve Board Chair Jerome Powell has presided over a broad deregulatory agenda that has made our financial system less resilient and driven rising wealth and income inequality.
American families and businesses need an economic response from Congress and the administration that provides real job-creating stimulus, and not just another deregulatory handout to powerful financial interests.
“[A] good bit of that progress … could be endangered by a kind of low-intensity deregulation, consisting of an accumulation of non-headline-grabbing changes and an opaque relaxation of supervisory rigor. There are things to be concerned about in many of the individual proposals on such matters as the leverage ratio, resolution planning, and foreign banking organizations. It’s the cumulative effect, though, that is truly worrisome.”
The $1.9 billion Wall Street poured into American politics includes contributions to campaign committees and leadership PACs ($922 million) and lobbying expenditures ($957 million). The money backed a massive rush of pro-industry nominees and legislation over the last two years, at a time when the biggest banks made $100 billion in profits for the first time.
The legislation approved by a bipartisan majority in the Senate doesn’t serve families or communities, nor is it policy that most Americans support. It puts the interests of financial institutions ahead of the rest of us
Letters to Congress: AFR Urges Opposition to H.R. 1116 — A Dangerous Bill Weakening Effective Protections for Consumers and the U.S. Economy
AFR sent a letter to members of the House of Representatives urging them to vote in opposition to H.R. 1116, the “Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017.”
Letters to Congress: AFR Opposition Letter to Moran Amendment 2140 — A Radical Attack on Bank Supervision
AFR opposes a radical legislation that would put unprecedented new limits on the powers of bank examiners.
“Congress ought to spend its time addressing the student loan crisis, cracking down on serial lawbreakers like Wells Fargo, and ensuring companies like Equifax pay a meaningful price for massive data breeches — not deregulating the financial services industry,” said Lisa Donner, executive director, Americans for Financial Reform. “Too many Senators seem willing to ignore the lessons of the financial crisis, and what happens when we let big banks write the rules of the economy. Millions of Americans know the costs all too well and will take notice of how members vote on passage of this harmful legislation.”
Letters to Congress: AFR Urges Opposition to HR 4296—A Bill Tying Regulators Hands in Setting Operational Risk Capital
AFR sent a letter urging House members to vote “No” on H.R. 4296—a bill that would tie regulators hands in setting operational risk capital.
From tax cuts to deregulation to changes at the Consumer Financial Protection Bureau, the first year of the Trump administration has been a boon to Wall Street at the expense of ordinary Americans.