“Hard data on bank earnings and lending should lay to rest any notion that financial regulations are holding back the American economy, or getting in the way of American banks making money. These claims are just an excuse to to dismantle hard-won protections for consumers and financial stability.”
“Financial services companies that support giving retirement investors investment advice that is in their best interests should stand up against the aggressive anti-investor lobbying tactics of their trade associations seeking to overturn the Department of Labor’s (DOL) conflict of interest rule, according to three national organizations that have supported DOL efforts to strengthen protections for retirement savers.”
“This legislation is transparently an effort to paralyze the SEC and to empower Wall Street lawyers to overturn its decisions, not to improve its analysis or decision making. …The most prominent new requirement would mandate that the SEC identify every “available alternative” to a proposed regulation or agency action and quantitatively measure the costs and benefits of each such alternative prior to taking action. …In addition to the enormous task of identifying and analyzing every available alternative to a course of action, the agency would be required to perform half a dozen new analyses in addition to its current requirements concerning market efficiency, competition, and capital formation. These new requirements include analyses of effects on small business, market liquidity, state and local government, investor choice, and “market participants”. Notably, no new requirements concerning the protection of investors or preventing another financial crash are included. …We urge you to reject it.”
“There’s also a case to be made for the limits of cost-benefit analysis in general, as it tends to undercount benefits even when used in realms for which it’s better suited. What’s more, empowering OIRA to directly intervene in financial regulations could overwhelm the tiny office. As Americans for Financial Reform notes, OIRA “has only 50 employees, as opposed to tens of thousands of employees at the various [financial] regulatory agencies” and “lacks substantive expertise in financial matters.”
Recent months have seen increasing claims by some industry participants and their allies that new regulations are negatively impacting bond market liquidity in ways that may harm the economy. What is the truth of these claims? Is there in fact a serious problem with bond market liquidity? Are recent market events such as the October 15th Treasury market disruption related to new regulation, or to other market changes such as increases in electronic trading? How should regulators respond?
“We, the undersigned national advocacy organizations representing consumers across America, very much appreciate the Chairman’s proposed Declaratory Ruling rejecting most of the requests by industry to undermine the essential protections of the Telephone Consumer Protection Act. “
“This letter seeks to engage the Department of Education on developing a proactive, risk-based, student-centered strategy for dealing with companies that the Department has reason to believe may be breaking the law and putting students and taxpayers in jeopardy.”
“‘A candidate could both support legislative change and tie commitments to that to how they’re thinking about appointments,’ said Lisa Donner, executive director of Americans for Financial Reform. Donner added that it’s also important what kind of economic advisers candidates surround themselves with.”
On behalf of Americans for Financial Reform, we urge you to oppose Senator Crapo’s Amendment 19 to Senator Shelby’s regulatory reform bill scheduled for mark-up today, May 21. The amendment would prohibit the banking agencies from implementing or participating in the Department of Justice’s Operation Choke Point.
“Senator Shelby’s 216-page draft legislation makes sweeping changes that would significantly weaken key financial reforms passed in direct response to the events of the 2007-2009 financial crisis. It puts the wish list of the financial sector above protecting the stability of the US economy, and the safety of mortgage markets and of homebuyers. “