Derivatives Archives - Page 7 of 27 - Americans for Financial Reform

House-Passed Bill Would Roll Back Derivatives Reform

The House vote to approve this legislation, largely written by Citibank lobbyists, reminds us that Wall Street is still doing everything in its power to protect the status quo that caused the financial crisis… The good news is that 122 House members voted No this time. What started out as a backroom deal between bank lobbyists and legislators wound up being an uncomfortable vote for the dealmakers. That makes it much less likely that the Senate will act, and more likely that the swaps push out provision will finally be implemented.

AFR Policy Director Marcus Stanley Argues for Smaller, Simpler Finance at Industry Event

AFR Policy Director Marcus Stanley participates in debate on ‘Smaller, Simpler Banks’ with Rodgin Cohen (Chair of Sullivan and Cromwell), John Dugan (former Comptroller of the Currency), and Randall Kroszner (University of Chicago; former Governor on the Federal Reserve Board). The debate was sponsored by the International Institute of Finance. As the only public interest representative at the debate, Dr. Stanley defending the need for simplifying and shrinking big banks.

AFR Urges Stronger Leverage Ratio

AFR wrote to the banking regulators to urge them to strengthen the new supplementary leverage ratio proposed for large U.S. banks.

Support Investor Protections, Oppose HR 2374

This legislation would prevent the Department of Labor from addressing flaws in protections for retirement savings, protections that have not been updated for almost forty years. It would also delay efforts of the Securities and Exchange Commission to raise the standard of conduct that applies to brokers when they give advice to retail investors.

“Opening Wall Street’s Black Box” – Pathways to Improved Financial Transparency

After the 2008 crisis, it became clear that regulators and many sophisticated market participants had been kept in the dark about major risks and exposures in our financial system. On October 11, 2013, AFR and Georgetown Law Center co-hosted this half-day conference on the progress made – and the work that remains to be done – toward meaningful transparency on Wall Street.

AFR Appeals for Strong SEC Action to Regulate International Derivatives

Overseas affiliates of U.S. banks played a major role in the final meltdown of 2008-2009, at a cost of millions of jobs and trillions of dollars. Financial institutions must not be allowed to escape oversight by “off-shoring” their riskiest deals.

SEC Urged to Maintain Independence of its Municipal Securities Rulemaking Board

AFR and its member organizations warn against a proposal that would “severely weaken” the independence measures called for by the Dodd-Frank financial reform law. “A Board dominated by employees of major banks and dealers with subsidiaries active in the municipal market will not be a truly independent Board.”

AFR in the News: Why Are Bailed-Out Banks Still Allowed to Bet on Derivatives?

The banks did not get everything they wanted, according to Forbes. But, in AFR’s words, their foreign subsidiaries “will still be permitted to escape Dodd-Frank jurisdiction… for an inappropriately broad range of transactions.”

Protect Retirement Savings: Let the Department of Labor Do Its Job

AFR joined AARP, AFL-CIO, Consumer Federation of America, Demos, Pension Rights Center, Public Citizen, and U.S. PIRG in sending a letter to members of the Senate urging them not to sign a letter being circulated by Senator Tester attempting to stop a Department of Labor rule making to protect retirement savings by closing gaps and loopholes in fiduciary duty requirements in connection with ERISA funds.

AFR Supports Warren/McCain/Cantwell/King ‘21st Century Glass Steagall Act’

“This legislation restores the division between commercial banking and financial market activities – a change that will make our financial system more secure and better able to support the real economy.”