Federal Reserve Archives - Page 10 of 10 - Americans for Financial Reform

AFR Supports Bipartisan Call for Limits on Federal Reserve Emergency Lending

“A bipartisan group of 15 legislators… has released a letter calling for stronger limitations on the use of Federal Reserve emergency lending powers. The Dodd-Frank Act mandated new limits on such emergency lending. Today’s letter strongly criticizes the Federal Reserve’s proposal to implement these new limits, saying that the proposal places ‘no meaningful restrictions’ on lending powers and leaves the door open to a future ‘backdoor bailout’ of Wall Street. AFR welcomes this letter and applauds the efforts of legislators to address this issue.”

AFR Urges Federal Reserve to Act Against Bank Ownership of Commodities

“Americans for Financial Reform supports the separation of banking and commerce as a foundational principle, motivated both by considerations of preserving fairness in competition with non-bank firms who do not have access to the prudential safety net, and by considerations of financial safety and soundness.”

AFR in the News: Why Big Banks Have to Raise $68 Billion by 2018

“We don’t believe that this is enough,” Marcus Stanley of Americans for Financial Reform told the Washington Post. “Raising $60 billion in extra capital is helpful, but it’s really not in line with the kinds of risk we saw in the financial crisis.”

AFR in the News: The Fed Was Supposed to Rein in Its Bailout Powers. Instead It Did This.

“The 2010 Dodd-Frank financial reform law required the Fed to restrict its emergency lending powers so that too-big-to-fail banks don’t expect the central bank to dole out easy money again in the event of another financial crisis,” writes Erika Eichelberger of Mother Jones. Three years later, the Fed has come out with a draft rule that “misses the mark,” interpreting “the statute in ways that minimize limits on emergency lending authority.”

AFR Statement on Confirmation of Janet Yellen as Fed Chair

“We applaud the Senate’s confirmation of Janet Yellen as chair of the Federal Reserve Board. Americans for Financial Reform and our allies have been heartened by Yellen’s strongly expressed commitment to the Fed’s mission as a financial regulator and to an economy that works for ordinary people. Getting financial regulation right will be crucial to the realization of that goal.”

FDIC and OCC Crack Down on Abusive Lending Practices; Fed Should Follow

“The OCC and FDIC got it right in standing up for borrowers who have been taken advantage of,” said Lisa Donner, AFR’s Executive Director. “Now it’s up to the Federal Reserve to follow the OCC’s and FDIC’s lead with the institutions it regulates.”

AFR Supports Enhanced Regulations for Foreign Banks

AFR submitted a comment letter supporting the proposed rules by the Board of Governors of the Federal Reserve System that set out enhanced prudential standards for foreign banking organizations and foreign non-bank financial companies.

AFR in the News: Foreign Banks Gear up to Pressure the Fed

The Federal Reserve has heard plenty from U.S. banks about what’s wrong with various proposed pieces of Dodd-Frank rulemaking. Now, according to Kate Davidson of Politico Pro (April 15), the Fed is “getting an earful from foreign banks and their regulators, too.”

NYTimes: In U.S. Monetary Policy, a Boon to Banks

June 29, 2011 By Jesse Eisinger, Propublica “The most pronounced development in banking today is that executives have become bolder as their business has gotten worse. The economy is clearly weaker than expected, and housing prices are falling throughout the land, eroding bank asset values.