In an Oct. 23 letter, AFR urged the Securities and Exchange Commission not to to approve the organization and marketing of a commodity Exchange Traded Fund based on the storage of physical copper. Allowing speculators to hoard this vital industrial metal would damage the economy and set a dangerous precedent, the letter warned.
“A lobbying campaign by the securities industry threatens to water down a U.S. financial reform measure that was supposed to protect American states, towns and cities from being taken for a ride by financial advisors,” Karen Brettell of Reuters reports. Under pressure from House Republicans,
“The Libor bid-rigging scandal is poised to more than double the losses suffered by U.S. states and localities that bought $500 billion in interest-rate swaps before the financial crisis,” according to Bloomberg News (Oct. 9). “Manipulation of the London interbank offered rate cost issuers in
AFR submitted a comment letter opposing the CFTC’s overly broad exemption for derivatives traded between bank affiliates.
AFR submitted a comment letter to the CFTC regarding a rule that will determine whether the CFTC can regulate derivatives trading by foreign affiliates of US banks and corporations. Since derivatives trades move easily around the world and between affiliates and the parent company, it is important that US regulators be able to apply Dodd-Frank to such foreign trades. Our letter urged the CFTC not to let financial institutions escape derivatives rules by funneling transactions through their foreign affiliates.
AFR submitted a comment letter to the CFTC opposing the delay of key international derivatives rules. At a minimum, safe guards should be maintained if the delay is granted.
AFR sent a letter to members of Congress urging them to oppose H.R. 2827, This legislation would effectively eliminate new safeguards passed in the Dodd-Frank Act to protect taxpayers from financial exploitation. It must be rejected.
FOR IMMEDIATE RELEASE: July 12, 2012 CONTACT: Erin Kilroy at 202-466-1885 erin@ourfinancialsecurity.org AFR STATEMENT ON SEC CONSOLIDATED AUDIT TRAIL RULE Washington DC – Americans for Financial Reform, a coalition of more than 250 national, state, and local organizations working together for strong Wall
AFR released a statement regarding the approval of new derivatives rules by the CFTC and the SEC.
AFR Statement Regarding CFTC Guidance On Cross Border Derivatives On Friday June 29th the CFTC released a critical guidance on cross border derivatives transactions. This guidance makes clear the Commission’s intention to ensure that foreign affiliates of U.S. banks comply with the new derivatives protections