Tag Archives: Federal Reserve Board

News Release: AFR Lauds Confirmation of Lisa Cook to Federal Reserve Board

With the confirmation of Lisa Cook to the Federal Reserve Board of Governors, we should take a moment to celebrate the historic moment. Lisa Cook will join the board as the first Black woman governor. Philip Jefferson will soon become only the fourth Black man to serve on the board. With Lael Brainard as Vice Chair, the Fed Board, long a preserve of white men, is starting to look more like the country as a whole.

News Release: Unions, Civil Rights, Financial and Environmental Justice Groups Back President Biden’s Slate of Federal Reserve Nominees 

In a letter addressed to Senator Sherrod Brown (D-Ohio), Chairman of the Senate Banking Committee, a coalition of 97 unions, civil rights, financial, and environmental groups declared their support for Dr. Lisa Cook, Dr. Philip Jefferson, and Sarah Bloom Raskin, all nominated by President Joe Biden to serve on the Federal Reserve’s Board of Governors.

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Letters to Regulators: Letter in Response to the Federal Reserve Board’s ANPR on the Community Reinvestment Act

Americans for Financial Reform Education Fund organized a letter to the Federal Reserve Board (FRB) in response to their advanced notice of proposed rule making (ANPR) on the Community Reinvestment Act (CRA). The letter outlined a number of guiding principles and approaches to ensure that any changes to the CRA framework would be limited to measures that will increase equity in bank investments and access to sustainable, wealth-building credit in underserved communities as the statute intended.

Comment Letter: Comments on Federal Reserve Emergency Facilities

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.

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AFR in the News: Fed votes to scale back hated ‘Volcker Rule’ on Wall Street (NY Post)

“’What is critical is that simplification not undermine the core principle at stake — that taxpayer-supported banking groups, of any size, not participate in proprietary trading at odds with the basic public and customers’ interests,’ Paul Volcker said in a statement…

‘This proposal is no minor set of technical tweaks to the Volcker Rule, but an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits,’ said Marcus Stanley, policy director at Americans for Financial Reform.”