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.
“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.”
Three years after the Dodd-Frank Act, “There is no excuse for further delay… Without cross-border applicability, there is no effective regulation of derivatives.”
Organizations from across the globe came together in a letter to members of the G20 urging for stronger U.S. action in the derivatives market.
CFTC chairman Gary Gensler is trying to make sure that banks cannot shield derivatives bets from effective oversight by funneling them overseas.
AFR sent a letter to members of Congress urging them to oppose HR 1038. This legislation would make it easier for major dealers in the energy markets to avoid appropriate designation as swaps dealers, and would also remove important protections for public utilities in their swaps transactions.
Tell the House of Representatives to say No to HR 1256, a bill that would open the way to a dangerous new surge of Wall Street gambling.
AFR sent a letter and one pager regarding HR 1256, the “Swaps Jurisdiction Certainty Act” to members of Congress, urging them to oppose the bill. HR 1256 would severely undermine regulators ability to protect U.S. taxpayers from risks that arise from overseas derivatives trading.
AFR sent a letter to regulators emphasizing the lessons from the Senate Permanent Subcommittee on Investigations (PSI) report on the London Whale.
Citi’s recommendations influenced “more than 70 lines” of an 85-line bill. Two key paragraphs “were copied nearly word for word” from a draft prepared by Citi and two other large banks.