SEC Archives - Page 13 of 21 - Americans for Financial Reform

Letter to Congress: Oppose HR 78 The SEC Regulatory Accountability Act

“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.”

AFR Testimony: Testimony to SEC Investor Advisory Committee Hearing

In the new political environment, it is likely that there will be a heavy emphasis on the capital formation mission of the SEC. The IAC should play a critical role in reminding the Commission that investor protection is crucial to stable and effective capital formation. …Improving financial entity disclosures is crucial if we are to improve market discipline for large financial entities and investor discipline for funds.

Joint Letter: AFR and AFL-CIO Oppose Weakening of Corporate Disclosures

AFR joined with the AFL-CIO in calling on the Securities and Exchange Commission to revise its proposed rule so that “any changes to the Commission’s disclosure rules do not narrow the scope of information that is provided to investors.”

AFR in the News: SEC Rule to Limit Derivatives Alarms Industry With Liquidity Concerns (Morning Consult)

“A Securities and Exchange Commission proposal to place caps on registered investment firms’ exposures to derivatives is showing the hallmarks of a classic Washington battle — the industry is trying to tamp down advocacy groups’ requests for broad regulations. Although the SEC hasn’t announced its plans, lobbyists who have been watching the derivatives rule expect the agency to move forward in the coming months. Watchdog groups like Better Markets and Americans for Financial Reform have championed the proposal…”

Letter to Regulators: SEC Should Investigate Potential Unregistered Broker-Dealer Activity at Private Equity Firms

AFR wrote to the SEC to urge them to vigorously investigate what appear to be ongoing, widespread violations of securities law by private equity advisers.

Press Release: Over 80,000 Petitioners Demand SEC Action on Toxic Swap Deals

Chicago leaders and national organizations joined together to deliver a petition in which over 80,000 Americans asked the SEC to investigate the toxic swap deals squeezing cities and states across the country.

AFR Statement: SEC Should Call Big Banks to Account for Unfair Dealings with Municipalities

“It is disappointing that the Commission has not already taken such steps. But a call from the people and the State of Illinois could and should spur the SEC to action to recover for the public big-bank gains that resulted from violations of their obligations to do business in a fair and transparent way with these public-sector clients. “

AFR Statement: No More Dodd-Frank Exemptions for Cross-Border Derivatives Trades

“AFR once again calls on regulators to reconsider and end their sweeping regulatory exemptions for international derivatives operations of U.S. banks and to provide greater transparency to the public concerning the size and potential impact of such exemptions.”

AFR Statement: After Too Long, the SEC Comes Through on Pay-Ratio Rule

“Runaway pay, repeated studies have shown, inhibits teamwork, reduces employee morale and productivity, and encourages executives to make dangerous short-term bets. The SEC heard from hundreds of thousands of people about this rulemaking; the messages and comments were overwhelmingly positive, and rightly so.”

AFR in the News: SEC Nods to Industry on CEO Pay, Overseas Swaps (Bloomberg)

Marcus Stanley, policy director for Americans for Financial Reform… questioned the SEC’s proposal [for a derivatives exemption]. “We have lots of doubts and questions here about the direction they’re going,” Stanley said. “If they’re going to permit foreign subsidiaries of U.S. banks to sidestep the clearing and exchange trading requirements even for transactions conducted in the U.S., that’s a problem.”