Tag Archives: Wall Street Lobbying

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AFR in the News: Politico’s Morning Money Push Back: Volcker Edition

M.M. Push Back: Volcker Edition – Ben White (Politico’s Morning Money)

“ Pro-reform groups were not, ahem, too happy about the anonymous comments from a senior banker in M.M. suggesting the Volcker Rule as drafted goes beyond what the statute intended. … John Carey, Communications Director for Americans for Financial Reform emails: ‘Hard to believe that bankers have a better idea of what Congress intended than Senators Merkley and Levin, who drafted the Volcker Rule. Wall Street lobbyists seem to think that the impact of the rule is limited to taking the word ‘proprietary’ off traders’ business cards. …’

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AFR in the News: Gov’t Shutdown Looms if ‘Mini-bus’ Isn’t Passed

Gov’t Shutdown Looms if ‘Mini-bus’ Isn’t Passed – Michelle Hirsch (The Fiscal Times)

“The Commodities Futures Trading Commission, for instance, is being asked to swallow a near one-third cut relative to what the Obama administration requested. …’The Dodd-Frank Act assigned massive new markets to CFTC oversight, leading to a 600 percent increase in the size of the CFTC’s supervisory responsibilities,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘The funding level just advanced by the Conference Committee would barely allow the CFTC to expand its current oversight resources and would not permit the agency to implement its new responsibilities.’

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AFR in the News: Volcker conflict-of-interest rule too weak: Levin

Volcker conflict-of-interest rule too weak: Levin – Dave Clarke (Reuters)

“U.S. regulators are not going far enough with the Volcker rule to prevent large banks from betting against their clients’ interests, Senator Carl Levin said on Wednesday. …Levin found fault with language that allows banks to take positions that may conflict with their clients…‘That’s not nearly tough enough for me,’ Levin said at an event examining the Volcker rule that was hosted by Americans for Financial Reform…”

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AFR in the News: National Journal’s Need-To-Know Memo – Reform Advocates Outraged Over Proposed CFTC Cuts

Need-To-Know Memo – National Journal

Financial reform advocates are up in arms over the House-Senate conference ‘minibus’ appropriations bill that would slash roughly one-third of what President Obama requested to fund the Commodity Futures Trading Commission for 2012 to $205.3 million, raising questions about how it will be able to enforce new financial regulations. ‘This leaves the agency without the funding it needs to do its job and will make it impossible to implement key aspects of financial reform,’ said Lisa Donner, the executive director for Americans for Financial Reform, in a press release.

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Press Release: Consumer Advocates Renew Call for Fully Functioning Consumer Financial Protection Bureau

“I want to draw attention to one of the biggest financial issues facing seniors and this country today – elder financial abuse and exploitation. Whether you call it a hidden epidemic or the Crime of the 21st Century, as some have, it is a serious problem that we need to address. The numbers paint a sobering picture. According to a study by the MetLife Mature Market Institute, Americans over the age of 65 lost more than $2.9 billion to financial abuse and exploitation in 2010, a 12 percent increase from the $2.6 billion estimated in 2008. …More disturbing is the $2.9 billion the MetLife study estimated represents only a fraction of all instances of financial exploitation against older Americans because elder financial abuse and exploitation is underreported.”

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AFR Press Statement: News Reports of CFTC Budget Freeze

“News reports indicate that House-Senate conference committee is cutting the administration’s $308 million budget request for the Commodities Futures Trading Commission (CFTC) by one-third, to $205.3 million, a near funding freeze. This leaves the agency without the funding it needs to do its job and will make it impossible to implement key aspects of financial reform. This is not just a budget question: this is a question of whether Washington is serious about bringing oversight and reform to Wall Street at all.”

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AFR in the News: Senators cite MF Global as Volcker rule rationale

Senators cite MF Global as Volcker rule rationale – Ronald D. Orol (MarketWatch)

“Two senators on Wednesday urged approval of regulations to adopt key provisions in the Volcker rule, arguing that the recent failure of MF Global illustrates why it should be approved. …during a gathering organized by Americans for Financial Reform, a progressive-leaning group.” Click here for more.

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AFR in the News: Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says

Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says – Phil Mattingly (Bloomberg)

“Volcker rule language aimed at limiting conflicts of interest between U.S. banks and their clients is ‘not nearly tough enough,’ Senator Carl Levin said. Levin, a Michigan Democrat who helped draft the Dodd-Frank Act ban on proprietary trading for deposit-taking banks, said today…at an Americans for Financial Reform conference in Washington.”