Fact Sheet: Deregulation at the Powell Fed
Federal Reserve Board Chair Jerome Powell has presided over a broad deregulatory agenda that has made our financial system less resilient and driven rising wealth and income inequality.
Tag Archives: Federal Reserve
Letters to Regulators: Letter to the Federal Reserve on Access to Fed Master Accounts and Financial Services
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.
Letter to Regulators: Federal Reserve Must Do Better on Climate Risk
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
News Release: Fed Right to Abandon Relief Measures for Big Banks
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.
Letter to Regulators: Letter Calls on Banking Agencies to Withdraw Proposed Rule on Supervisory Guidance
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
Policy Recommendations: Recommendations for Immediate Action by the Biden Administration in Banking and Markets Regulation
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
In the News: ‘Build Back Better?’ Start with the Fed’s MLF (The Bond Buyer)
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.
Policy Recommendations: Recommendations for Systemic Reform to Create a Safe and Just Financial System
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
Report: Pandemic-Related Assistance a Backdoor Bailout of Biggest Banks
While it’s true that the largest banks currently look solvent in the face of economic stress, this is in significant part because they have benefited greatly from regulatory forbearance and from Federal Reserve intervention in financial markets. This report, based on analysis of regulations and bank financial reports by Americans for Financial Education Fund and Risky Finance, lays out some of the clearest ways in which the nation’s six largest banks have benefited from regulatory forbearance and the Federal Reserve’s financial market interventions.
Event: Minneapolis Federal Reserve Bank Panel
On Oct. 19, AFR Executive Director Lisa Donner participated in a virtual conference organized by the Federal Reserve Bank of Minneapolis. Entitled “Empowering the public to assess large bank resiliency, the conference brought together leading experts to bank transparency to discuss how to maintain and improve transparency of the conditions of major banks.