AFR Statement: Trump Hands Financial Regulation Over To Wall Street
We can, and will, fight at every step against Wall Street burning it all down — again. And we’ll fight for a financial system that serves an economy that works for the rest of us.
Tag Archives: Wall Street
AFR IN THE NEWS: How banks and Republicans plan to kill financial reform under Trump (Slate)
“‘Critics of altering Dodd-Frank believe the signs point to a regrettable return to a pre-recession era when large banks operated without significant regulatory oversight,’ said Marcus Stanley, policy director at Americans for Financial Reform…’We had experience with Wall Street self-regulation prior to the financial crisis, and it did not work out well,’ Stanley said. ‘When you let industry determine its own rules, it’s going to create more risks. The downside of those risks is going to be pushed to taxpayers and working families.'”
Letter to Congress: Don’t Deregulate Wall Street: Oppose HR 5, HR 78, and HR 238
“HR 5 (the Regulatory Accountability Act), HR 78 (the SEC Regulatory Accountability Act), and HR 238 (the Commodity End User Relief Act) — would severely damage the capacity of the Federal government to protect the public. This legislation would disastrously weaken oversight of major Wall Street institutions and financial markets. Proper oversight of big banks and financial markets is crucial to the economic well-being of workers, families, and communities …The 2008 financial crisis demonstrated beyond doubt that the well-being of America’s working families is dependent on strong and effective regulation of Wall Street financial markets. These three pieces of legislation would cripple the capacity to properly regulate such markets. We urge you to reject all three.”
Press Release: Financial Sector Lobbying and Campaign Spending Top $1.4 Billion for 2016 Election Cycle – More than $2.3 million a day
Since 2008, the financial industry’s political spending has increased to levels even higher than they were before the financial crisis, and the the current cycle’s expenditures are on track to be the highest yet, according to a new AFR report. This continued high level of spending reflects the ongoing battle to reshape the financial system and the industry’s persistent efforts to repeal or win exemptions from parts of the Dodd Frank financial reform law, to weaken implementing regulations, and to forestall further proposals for change.