Treasury proposal advances ideas that have been pushed by industry lobbyists since Dodd-Frank was passed. We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders.
We, the undersigned organizations, representing millions of Americans, are writing to urge you to oppose the nomination of Steven Mnuchin as Secretary of the Treasury.
AFR sent a letter today to the Treasury Department and the Internal Revenue Service to require alternative asset managers to disclose the amount of carried interest they received in their annual tax filings. The letter states that: “The carried interest tax loophole allows managers of
“One area where [Treasury Deputy Secretary Sarah Bloom] Raskin has flexed her muscles is in a new drive to restrict executive compensation at the biggest banks… [T]he Dodd-Frank Act required federal regulators to prohibit pay packaged to bank executives that encouraged inappropriate risk-taking… The matter has been revived in recent months, in part because Raskin has made it a priority, pushing it with Lew and the President himself…”
“We’re very pleased that regulators seem to be returning to the drawing board and thinking about a rule that might actually have some impact,” says Lisa Donner, executive director of the liberal Americans for Financial Reform, adding that Raskin has been a “champion” on the issue.
AFR wrote to the banking regulators to urge them to strengthen the new supplementary leverage ratio proposed for large U.S. banks.
AFR joined more than 30 national, state, and local public interest groups in urging Treasury Secretary Lew to extend HAMP.
AFR submitted a regulatory comment letter to the Financial Stability Oversight Council (FSOC) supporting broad authorization for designation of nonbank financial companies that could pose a threat to the financial system.
AFR along with NCLC and other allies submitted a comment to the Department of Treasury on finanical inclusion.
AFR submitted a joint comment with Professor Michael Greenberger of the University of Maryland on Treasury proposal to exempt foreign exchange swaps and forwards from clearing and exchange trading requirements under Dodd-Frank. The letter pointed out that Treasury had not provided any evidence supporting its case that foreign exchange derivatives did not pose systemic risk, and in fact there is very strong evidence from the 2008 financial crisis and today that they do pose such risks.
View the PDF version here ——————————————————————————————————————————– Americans for Financial Reform 1629 K St NW, 10th Floor, Washington, DC, 20006 202.466.1885 February 10th. 2011 The Honorable Timothy Geithner Secretary United States Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, DC 20220 CC: Chairman Gary Gensler,