AFREF led a letter with thirteen organizational signatories commenting in support of a rule proposed by the Securities and Exchange Commission that would significantly increase the transparency of stock buybacks. A central component of the proposed rule is daily disclosures of stock buybacks. (Current disclosure requirements are only quarterly.) In the comment letter, we commend the SEC on the proposed rule and make recommendations to further strengthen protections against market manipulation and insider trading that we believe would improve long-term financial stability and growth.
AFREF sent a letter commenting on the Security and Exchange Commission’s proposed rule to increase the transparency and efficiency of the securities lending market. Having already commented in support of the proposed rule, we submitted an additional comment to address its corporate governance implications. The securities lending market—as it pertains to equity shares—has important corporate governance implications, as investors cannot vote shares on loan. In our comment, we recommend the Commission enhance the proposed rule’s public disclosures to give investors the tools they need to ensure the securities lending practices of asset managers and retail brokers do not interfere with investors’ role in corporate governance.
AFREF and five other organizations wrote a letter today to the Securities and Exchange Commission urging the Commission to review the exponential growth of digital assets, including “stablecoins”, and how their activities should be subject to the securities laws that exist to protect investors.
AFR Education Fund sent a comment to the SEC supporting the proposed elimination of regulatory exemptions in government securities markets. The letter also calls for the SEC to make further reforms in fixed income markets.
Americans for Financial Reform joined a letter to the Biden Administration urging them not to weaken the securities laws through the further expansion and deregulation of the private offering marketplace. The letter warns that further expanding the pool of securities exempt from the disclosure and investor protections afforded by the federal securities laws has the potential to damage economic recovery, including by increasing the probability of fraud and hindering the efficient allocation of capital.
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
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
View or download PDF version of the letter. July 11, 2018 Dear Representative: On behalf of Americans for Financial Reform (AFR) and the Consumer Federation of America (CFA), we are writing to oppose four of the bills under consideration at today’s markup, HR 3555,