Tag Archives: Wall Street Lobbying

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AFR Press Statement: President Obama’s FY 2013 Budget

“President Obama’s FY 2013 budget request would increase the CFTC budget to $308 million…also increases funding for the SEC to $1.566 billion…AFR strongly supports the increased funding levels, and believes that adequate funding for these regulators is vital to holding Wall Street accountable, and preventing another financial crisis. Huge volumes of hidden and un-backed derivatives trades were a key cause of the financial crisis. …With millions of Americans still out of work, more than $8 trillion lost in home values and retirement savings, and millions of foreclosures it could not be clearer that Wall Street must not be allowed to gamble in the shadows.”

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AFR in the News: Corporate Groups Seek SEC Roundtable on Pay Ratio Disclosure

“A coalition of corporate organizations has asked the U.S. Securities and Exchange Commission to hold a roundtable before proposing rules to implement the CEO-employee pay ratio disclosure mandate of Section 953(b) of the Dodd-Frank Act. …In response, the Americans for Financial Reform (AFR), a group that includes the AFL-CIO and other supporters of Section 953(b), argues that the business coalition’s request for a roundtable is an attempt ‘to stifle the rule, not to enhance the rulemaking process.’”

Tell the CFTC: Don’t Let Big Banks Make Taxpayer-Backed Bets

The “Volcker Rule” is a part of the Dodd-Frank Wall Street reform bill that bans banks and other large, critical financial institutions from making risky, speculative bets using taxpayer backed funds – a practice called “proprietary trading.” Tell the financial regulators to write a strong “Volcker Rule” and end excessive speculation at big Wall Street banks that puts the public at risk.

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AFR in the News: Consumer Bureau chief vows cooperation with skeptical Republicans

“Asked to evaluate Cordray’s performance, John Carey, spokesman for the consumer coalition called Americans for Financial Reform, said: ‘There are reasons that Director Cordray received a wide range of support, across the political spectrum, from those that know and worked with him in Ohio. He is fair, tough and thoughtful, and those traits were on full display yesterday.’”

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AFR in the News: Gillibrand Enters Volcker Rule Fray

“‘It is specious to the point of misleading to suggest that the needs for liquidity currently provided by banks will not be filled,’ Wallace Turbeville, who represented Americans for Financial Reform, a nonprofit group that favors new restrictions on Wall Street risk-taking, told a Congressional committee this month.”

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AFR in the News: U.S. Regulators to Defend Volcker Rule Ban on Proprietary Trades

“Consumer groups and supporters of the rule have leaned on regulators to stick to the implementation timeline and pushed back against assertions that the rule will damage capital markets. The arguments from financial firms ‘are all founded on the irrational assumption that, once bank proprietary trading ceases under the Volcker Rule, others will not expand to meet demand,’ Wallace C. Turbeville, a former Goldman Sachs banker, said in testimony prepared for the hearing on behalf of Americans for Financial Reform, an umbrella organization made up of consumer groups, labor unions and civil rights law firms.”