Today’s proposals from the Securities and Exchange Commission would shed greater light on the investments and activities of what’s now become a massive $11.5 trillion private market.
Treasury Secretary Janet Yellen should prioritize repealing the 2019 Trump-era guidance that prevents federal regulators from properly policing institutions whose collapse would imperil the financial system.
AFREF and 30 allies sent a letter to Secretary of the Treasury Janet Yellen urging her to prioritize restoring FSOC’s ability to fully execute its authority under Dodd-Frank by repealing the SIFI 2019 guidance; developing a data strategy for OFR; and using the statutory authority given in Title I of Dodd-Frank to apply a racial equity lens when designating a non-bank financial company as a SIFI.
AFREF led a letter calling on the SEC’s Division of Corporation Finance to rescind the 2010 Ford Motor Credit no-action letter that exempts Credit Rating Agencies from legal liability.
AFREF submitted a comment letter to the Securities and Exchange Commission supporting several changes to Rule 10c-1 of the Securities Exchange Act of 1934 that would provide investors and regulators with significantly more information into the currently opaque $1.5 trillion securities lending market.
Americans for Financial Reform is encouraged by the Securities and Exchange Commission (SEC) proposals to address several long-standing loopholes exploited by financial market participants and provide greater transparency to investors and address issues of safety and soundness across the financial system.
AFREF led a letter urging the Financial Stability Oversight Council (FSOC) as the coordinating body for several regulatory agencies to imminently take action against the various misdeeds that may be conducted by the issuers of stablecoins. The letter explains that such urgency cannot be overstated given how quickly the market continues to grow, posing greater threats to the broader financial system.
Americans for Financial Reform’s Andrew Park spoke on the “Crypto’s Rapid Rise: The Future of Finance or Cause for Concern” panel at the Consumer Federation of America Virtual Financial Services Conference.
President Biden’s renomination of Jerome Powell to chair the Federal Reserve Board is a major disappointment to those of us who have fought for tougher regulation of Wall Street as a key tool for protecting financial stability and building a more just and sustainable economy.
AFREF sent a letter to the Treasury’s Federal Insurance Office (FIO) on how the agency can coordinate with state insurance regulators and insurers to have the necessary data, supervisory framework, and prudential regulation in a world where climate-related losses continue to rise and pose risks to the entire financial system.