AFREF sent a comment to the Securities and Exchange Commission supporting the agency’s proposal to expand position disclosure requirements (via Form PF) for both hedge funds and private equity funds. Many of the disclosure exemptions were formed when both types of funds were fractions of the size they are today and would give the SEC and by extension, the Financial Stability Oversight Council (FSOC) critical information to prevent the uncertainty and threats to financial stability that we saw with Long Term Capital Management in 1999 as well as the financial crises of 2008 and March 2020.
Today’s proposal from the Securities and Exchange Commission is a key step in bringing much-needed transparency for investors and accountability in the vast private funds market. The reforms it proposes would give pension funds that invest workers and retiree savings much more information, allowing them to better protect hard-earned dollars.
Sara Myklebust, research director at Bargaining for the Common Good Network, an initiative of labor and community groups, worked with [Patrick] Woodall, [research director at] Americans for Financial Reform, to try to survey units owned by large-scale corporate landlords in major cities across the country in 2019. Myklebust and Woodall were interested in whether they could document the consolidation of the market for single-family rentals, manufactured homes and apartments.
Americans for Financial Reform and allies today rallied in front of the Federal Reserve Board of Governors to highlight Fed Chair Jerome Powell’s failure to protect the U.S. economy from major systemic threats like climate change, racial and economic inequality, excessive risk-taking from the big banks, and private equity firms extracting wealth from communities and workers across the nation.
At a town hall hosted by United for Respect and Americans for Financial Reform, workers and leaders across industries came out strongly in support of the Stop Wall Street Looting Act. The event focused on the devastating impact of private equity firms on the quality and quantity of jobs across industries.
The Stop Wall Street Looting Act would rewrite the rules that shape the private equity industry, which now has about $7.1 trillion in assets and wealth under its control, so that regulation and market incentives promote productive, sustainable investment, not the wealth extraction that now is all too common.
Many organizations have come out in support of the Stop Wall Street Looting Act, the first comprehensive reform of the predatory private equity industry. This legislation was introduced in Congress today.
Private equity has had a disastrous impact on the retail industry, driving dozens of firms into bankruptcy, shutting down tens of thousands of stores, and costing hundreds of thousands of jobs nationwide.