Monthly Archives: January 2014

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AFR Praises Rep. Doggett’s Bill to End the Tax Deductibility of Pay Above $1 Million a Year

“Americans for Financial Reform applauds the introduction of HR 3970, ‘The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act,’ by Representative Lloyd Doggett (D-Texas). Like a companion measure in in the Senate, H.R. 3970 would cap the tax deductibility of CEO pay at $1 million, closing loopholes in order to truly carry out the intent of a 1993 law that originally called for such a cap.”

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Financial Reform – Key Piece of the Inequality Puzzle

“The President’s State of the Union address tonight will continue a conversation about the problem of growing inequality. If we are going to reverse the trend and set this country on a path toward broadly shared opportunity and prosperity, steps to rein in Wall Street excess and reshape the rules of the game for the financial system will need to have a prominent place on the To Do list.”

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The Financial Service Committee’s Skewed “Survey”

“An overwhelming majority of Americans strongly supports the work of the Consumer Financial Protection Bureau (CFPB), which has been busy returning money to defrauded consumers and bringing commonsense rules to a market that desperately needed them. By contrast, the leaders of the House Financial Services Committee have relentlessly attacked the bureau in terms that echo the arguments of the worst elements of the financial services industry.”

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AFR in the News: How Half of Wall Street Hopes to Evade Dodd-Frank

Half of the big Wall Street banks are using their foreign ownership to escape key provisions of Dodd-Frank. It wasn’t supposed to be that way. “Whether the foreign banking rule gets done is a big test,” Marcus Stanley, policy director at Americans for Financial Reform, told the New York Times, adding: “Considering the number of problems with American banks that have occurred in London subsidiaries, I would appreciate seeing the Europeans raise the bar for foreign operations of American banks. That would be a win for the American taxpayer.’”

“Fast Track” Threatens Wall Street Reform

The Obama administration is asking Congress to grant “fast track” authority for a new round of trade agreements, including the Trans Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP). In response to this request, Chairman Baucus of the Senate Finance Committee and

Dawn of a New Day for Homeowners, Home Buyers, and Mortgage Lenders

The financial and economic crisis of 2008 was in no small part the result of an out-of-control mortgage lending industry. New rules for that industry – rules developed by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank financial reform law of 2010 – are now in effect. Their arrival is extremely good news for homeowners, aspiring homeowners, and the country as a whole.