Americans for Financial Reform
An "enormous package of gifts for Wall Street and the worst actors in finance” passed in a House committee Thursday.
Ever since the Department of Labor proposed several years ago to close regulatory loopholes that allow financial firms to offer conflicted retirement advice without having to act in the best interests of the retirement savers who rely on that advice, financial services firms have been nearly apoplectic in their opposition.
For over half a century, the Depression-era law known as Glass-Steagall kept traditional banks separate from the high-risk world of investment banks and hedge funds.
News coverage of the Senate's confirmation of Congressman Mel Watt on Tuesday to head the Federal Housing Finance Agency (FHFA) was all about politics, not the housing or banking issues he now has to address.
What are some of the protections we wouldn't have at all, if Senator McConnell and Wall Street have their way and we didn't have a Consumer Financial Protection Bureau at all?
She now has an opportunity to show that she also has the strength of character to lead this often-fractious agency in these difficult and challenging times. Nothing less than the safety and integrity of our capital markets depend on the choices she makes.
We not only need to rein the banks in but we've got to delegate the responsibility for measuring household wealth -- and hopefully come up with ways to boost it -- to an agency that's more in touch with "the 99%."
In a little noticed vote, the Commodity Futures Trading Commission reversed course last week on a rule that had the potential to save cities and school districts across the country billions in excess costs on the swaps they purchase to hedge their interest rate and other risks.
Kudos to President Obama for standing up for consumers this week by making a recess appointment of Richard Cordray to head the new Consumer Financial Protection Bureau.
The bill creates a Consumer Financial Protection Bureau which will ensure that "credit cards and mortgages will offer terms