Tag Archives: House

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House-Passed Bill Would Roll Back Derivatives Reform

The House vote to approve this legislation, largely written by Citibank lobbyists, reminds us that Wall Street is still doing everything in its power to protect the status quo that caused the financial crisis… The good news is that 122 House members voted No this time. What started out as a backroom deal between bank lobbyists and legislators wound up being an uncomfortable vote for the dealmakers. That makes it much less likely that the Senate will act, and more likely that the swaps push out provision will finally be implemented.

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AFR Letter Opposing Legislation That Would Weaken the CFPB

AFR sent a letter to members of Congress yesterday regarding a piece of legislation that would threaten the ability of the CFPB to sufficiently protect consumers. If enacted, this bill would virtually guarantee that the CFPB would be a weak and timid agency without the will or ability to curb the kind of financial abuses that caused the nation’s worst financial crisis since the Great Depression.