Americans see the need for tough enforcement of existing rules, even after hearing opposing arguments that stress a danger in the role of government. They strongly support the 2010 Dodd-Frank law that Congress passed in response to the financial crisis, as well as additional measures to fight continuing industry abuses.
Kraninger is wildly unqualified to lead the CFPB: Before her confirmation, she had no experience in consumer protection or financial regulation. Civil rights groups and Wall Street watchdogs [AFR letter linked] uniformly opposed her, while the financial industry supported her—perceiving correctly that she would be, at best, a do-nothing director.
Our economy is in crisis. Wall Street billionaires have bought our politicians and engineered our laws to make it easier to buy and pillage major companies, line their own pockets, and escape consequences it has on working people and our communities when the company fails.
“Private equity and hedge funds now wield enormous influence over the American economy, often with terrible consequences for workers and communities,” said Lisa Donner, executive director of Americans for Financial Reform. “We need effective rules of the road to stop predatory practices by these Wall Street giants.”
Briefing on Stop Wall Street Looting Act of 2019 will be at 3pm ET. To join call RSVP to Kyra Sadovi, kyra@ourfinancialsecurity.org and dial (800) 230-1096 and ask for “Private Equity Legislation” conference call.
Over 15 major public interest groups have signed on to support the Stop Wall Street Looting Act of 2019, which was introduced today in the House and Senate.
The Stop Wall Street Looting Act would curb the worst abuses of Wall Street private equity executives by making them liable for damage they cause, protecting the interests of workers, preventing looting of target companies, and improving transparency for investors.
“[A] good bit of that progress … could be endangered by a kind of low-intensity deregulation, consisting of an accumulation of non-headline-grabbing changes and an opaque relaxation of supervisory rigor. There are things to be concerned about in many of the individual proposals on such matters as the leverage ratio, resolution planning, and foreign banking organizations. It’s the cumulative effect, though, that is truly worrisome.”
Wall Street poured at least $1.9 billion into the political process, the largest-ever amount for a non-presidential year, according to a new report by Americans for Financial Reform. This sum outstrips the total of $1.4 billion, in the 2013-14 election cycle, by 36 percent.
The $1.9 billion Wall Street poured into American politics includes contributions to campaign committees and leadership PACs ($922 million) and lobbying expenditures ($957 million). The money backed a massive rush of pro-industry nominees and legislation over the last two years, at a time when the biggest banks made $100 billion in profits for the first time.