We are deeply concerned by the lack of progress being made by the Federal Reserve Board of Governors (the Fed) on the assessment and mitigation of climate risk in the financial system. The Fed has failed to take proactive measures to address the risks that banks and the financial system face from climate change. This must change.
Reappointing Mr. Powell “would be disappointing” for those who care about Mr. Biden’s agenda to address financial regulation, climate change and racial wealth gaps, said Erik Gerding, a senior fellow at Americans for Financial Reform, a nonprofit that argues for tougher financial regulation. “Having Jerome Powell continue would just mean one less vote for sustained and healthy regulation of the banking system.”
AFREF submitted a comment to the Federal Reserve on its “Proposed Guidelines for Evaluating Account and Service Requests” urging the Federal Reserve to limit access to its payments systems to well-regulated and well-supervised depository institutions to safeguard rules that protect consumers, ensure the stability of the payments system, and require community reinvestment.
Americans for Financial Reform Education Fund joined 64 groups in writing a letter to Federal Reserve Chair Powell to take bold and timely action on climate change, in line with the US commitment to the Paris Agreement. The letter asks him to use the Fed’s
Today, banking regulators announced that they would not be extending one of the largest elements of pandemic-related regulatory relief, the exemption that allowed banks to remove almost $2 trillion in government securities assets from their balance sheets for the purposes of complying with capital regulations. That was the right thing to do.
AFR Education Fund wrote a letter to banking regulators calling on them to withdraw a proposed rulemaking on the role of supervisory guidance. The letter criticized the new rule as unnecessary and potentially harmful, since it could limit the ability of bank supervisors to take
AFR released recommendations for “Day One” policy actions by the Biden Administration in the areas of banking regulation, securities and markets regulation, and addressing systemic risk. These are actions that could be taken without a lengthy rulemaking and would make immediate progress toward a fairer
Next month, Joe Biden is going confront not only a terrible pandemic but also a pressing economic challenge. And this challenge is unfolding beyond Washington as the sum of thousands of smaller economic challenges being felt in statehouses, county seats, and city halls all across the country. Fortunately, there are tools at hand that President Biden can use. But he’ll have to be bold.
AFR released a recommended set of systemic reforms outlining steps to create a safe and just financial system. These include both reversing the deregulation of the Trump years and taking positive steps to create a far more secure and inclusive financial system. The full document