Tag Archives: Wall Street

Statement: AFR Mourns Passing of AFL-CIO President Trumka

Americans for Financial Reform mourns the passing of AFL-CIO President Richard Trumka, and our thoughts are with his family, friends, and the workers for and alongside whom he fought for decades. President Trumka was committed to the fight for Wall Street accountability as an important ingredient of advancing worker rights and racial and economic justice, and under his leadership, the AFL-CIO has been a key pillar of the fight for a fairer, financial system. We will continue to be inspired by him as we continue to work for economic justice and racial equity.

Congressional Testimony: Testimony of Andrew Park on SPACs Before the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets

On May 24, 2021 at 12:00PM Eastern AFR’s Senior Policy Analyst Andrew Park testified before the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets on Special Purpose Acquisition Companies (SPACs). Download the full written testimony here. Written Testimony before the House Financial

photo of Wall Street sign in NYC | Photo by Chris Li on Unsplash

Report: Breaking Up With Bad Banks

Despite wanting to move their money, many consumers have found that it can be quite difficult to switch. Banks have deliberately made the process of switching more complicated than it needs to be. Cities and municipalities have faced even greater difficulties in moving their money to community banks and credit unions. There are changes that can be made that would give consumers a real choice by making it easier for them to switch banks and would make it easier for municipalities to move their money.

News Release: Wall Street Money In 2019-20 Election Cycle Hits Highest Level Ever

During the 2019-20 election cycle, Wall Street spent at least $2.9 billion on campaign contributions and lobbying to influence policy in Washington, according to a report released today by Americans for Financial Reform. That total, which amounts to $4 million a day, shatters the previous record of $2 billion set in the 2015-16 presidential cycle. The highest-ever level of spending by Wall Street banks and financial services reflects the industry’s relentless push to influence decision-making, regardless of the party that controls Congress or the executive branch.

Report: Wall Street Money in Washington, 2019-2020

In the 2019-20 election cycle, Wall Street banks and financial services interests reported spending $2.9 billion to influence decision-making in Washington. That total – officially reported expenditures on campaign contributions and lobbying – works out to $4 million a day. This level is a full 50 percent above the previous record of $2 billion in the previous presidential cycle, reflecting the industry’s enduring effort to influence policy no matter which party controls Congress and the executive branch.

Report: Wall Street Money Supporting 147 Lawmakers Objecting to Certification

On January 6, 2021, Congress was scheduled to formally certify the results of the 2020 presidential election. But based on spurious allegations of voter fraud, 147 Republican members of the Senate and the House of Representatives voted to object to either the results in Arizona or Pennsylvania or both. Individuals and entities associated with the financial sector reported making a total of $43,483,590 in contributions to these members.

News Release: Fed Right to Abandon Relief Measures for Big Banks

Today, banking regulators announced that they would not be extending one of the largest elements of pandemic-related regulatory relief, the exemption that allowed banks to remove almost $2 trillion in government securities assets from their balance sheets for the purposes of complying with capital regulations. That was the right thing to do. 

a dollar bill on top of a pile of money with scrabble pieces spelling out "tax" on top

News Release: Pass the Ultra-Millionaire Tax So Billionaires Pay Their Fair Share

Wall Street billionaires have escaped paying their fair share of taxes for decades, thanks to laws they themselves have had an outsize influence in shaping. This bill requiring the ultrarich to pay some tax on their wealth, which was too often accumulated through predatory business models that extracted wealth from workers and communities, is an important step forward for economic justice.