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AFR
AFR is a coalition of over 200 organizations campaigning for real reform in our banking & financial systems. We want to #ProtectConsumers and #StopTheDebtTrap
Oct 25, 2021 7 tweets 3 min read
Politico's @vtg2 has a brilliant scoop that underscores why we need Saule Omarova as head of the OCC 🧵 1/7 politico.com/news/2021/10/2… Here we learn that the last Trump OCC boss, @BrianBrooksUS gave a secret legal imprimatur to allowing banks to hold cryptocurrency -- a wild-west asset if there ever was one -- under certain circumstances. 2/7
Oct 21, 2021 13 tweets 8 min read
Today, we will be clipping videos from the Senate Banking, Housing, and Urban Affairs committee hearing on “How Private Equity Landlords are Changing the Housing Market.”

Follow along in this thread, or watch the hearing live, starting at 10:00am:
banking.senate.gov/hearings/how-p… @SherrodBrown opens: "in plain English, that meant take advantage of the foreclosure crisis... to give Wall Street billionaires the chance to buy up homes for less than they're worth and rent them out at a steep profit."
Oct 20, 2021 10 tweets 5 min read
Today, we will be clipping videos from the Senate Banking, Housing, and Urban Affairs subcommittee hearing on “Protecting Companies and Communities from Private Equity Abuse.”

Follow along in this thread, or watch the hearing live, starting at 2:00pm: banking.senate.gov/hearings/prote… Shirley Smith, former sales manager at Art Van Furniture and leader with @forrespect opens: "working at Art Van was like my own little slice of the American Dream, until the PE firm T.H. Lee came in and broke up our family."
Oct 16, 2021 17 tweets 10 min read
Biden nominated the brilliant immigrant Saule Omarova to oversee big banks. Opposition is a disgraceful mix:

➡️ Repub Red-baiting
➡️ #WallStreet scaremongering
➡️ Racism and sexism
➡️ Stupidity

Her real sin to them is speaking truth to Wall Street’s power

Here’s a 🧵 1/16 Image Omarova was born in Kazakhstan and emigrated to the US as Communism collapsed. Smart as they come, she went from a small town in central Asia to an American PhD, law degree, banking law firm of @DavisPolkReg, Bush Treasury and academia. Wow. 2/16
Apr 13, 2021 15 tweets 10 min read
Today, @SenateBanking is holding the hearing "Separate and Unequal: The Legacy of Racial Discrimination in Housing."

Follow along on this thread.

banking.senate.gov/hearings/separ… @ItsLisaRice opens: "There are over 4 million instances of housing discrimination that occur each year"
Feb 4, 2021 10 tweets 9 min read
"Cancelling student loan debt is the single most effective executive action that @POTUS can take to kick start this economy, help close the racial wealth gap, and lift the economic prospects of tens of millions" --@SenWarren #CancelStudentDebt "Our resolution has over 50 co-sponsors in the House. We are joined by over 325 grassroots groups. The momentum is building, the coalition is growing. With the stroke of a pen, @POTUS can provide relief to tens of millions of families." -- @RepPressley #CancelStudentDebt
Feb 1, 2021 5 tweets 3 min read
Think it’s bad that U.S. companies supply repressive regimes with physical weapons?

There’s also technology, thanks to #PrivateEquity-owned government surveillance and censorship technology firms.

bloomberg.com/news/features/… After #PirateEquity🏴‍☠️ firm Francisco Partners bought technology company Sandvine, they fired staff, replaced leadership and started dealing with surveillance states & dictatorships

Between 2018-20, Sandvine raked in $100M from countries with horrible human rights track records
Jan 13, 2021 5 tweets 4 min read
Under @BankersPrez Rob Nichols, American Bankers Assn gave $1.3 million to the 147 Republicans who voted to overturn a fair election after a violent assault on the U.S. Capitol

@ABABankers is their BIGGEST corporate PAC donor

#CorporateComplicity 1/4

infogram.com/1pegze7xnpvxge… ABA also financed ads in support @RepTedBudd, another objector to a fair election

@BankersPrez Nichols was enthusiastic about him back in September: 2/4

aba.com/about-us/press…
Sep 17, 2020 16 tweets 5 min read
OVERSIGHT HEARING ON STATE MUNICIPAL LENDING: Why is the Fed offering so little support for state and municipal governments? Let's find out in this THREAD: @federalreserve's Kent Hiteshew continuing to evade arguments in favor of greater support for state and municipal lending ... The Fed has used 0.3% of its $500 billion facility while pumping money into corporate markets
Sep 10, 2020 8 tweets 3 min read
The @federalreserve has done a damn good job of bailing out the investor class on #WallStreet during the #COVID19 pandemic: big banks, big investors, and big corporations are all doing great. And the evidence is in the data THREAD 1/8 The Fed is buying corporate bonds and it is paying ABOVE PAR for those securities. In fact in the latest data dump (today), it’s buying on average bonds at a price of 107, or 7% more than they are actually worth at face value 2/8 federalreserve.gov/reports-to-con…
Jun 16, 2020 25 tweets 16 min read
Today @federalreserve Chair Powell will be appearing before the Senate Banking Committee at 10am ET. We will be clipping videos in this thread.

You can watch live here: banking.senate.gov/hearings/06/08… @SenSherrodBrown: "Across the country, Americans are outraged over the killings of #BreonnaTaylor @GeorgeFlyod #AhmaudArbery #RayshardBrooks & so many other Black Americans. They are demanding justice & an end to the systemic racism that pervades every aspect of society"
Jun 11, 2020 8 tweets 5 min read
Private equity firms make tremendous profits investing in business practices and industries that reinforce systemic racism. Thread:
medium.com/@RealBankRefor… Private equity investors invest in for-profit private prisons and detention centers, prison phone calls, and electronic monitoring of ex-offenders re-entering the community. pestakeholder.org/issue/civil-ri…
Apr 2, 2020 13 tweets 9 min read
We need BETTER OVERSIGHT of a #bailout for the #COVID19 crisis. It's worth $5 trillion - a quarter of GDP. We need to use Phase 4 legislation to improve oversight. Let's not play small ball. (Hat tip: @kyledcheney+@mzanona) THREAD 1/12 .@RepKatiePorter, mindful that the public remembers the #bailout of #WallStreet all too well, hits the right notes: “In the wake of the financial crisis 10 years ago, there are going to be a lot of suspicions. Can we trust the Fed and the Treasury?” 2/12 politico.com/news/2020/04/0…
Mar 24, 2020 5 tweets 2 min read
Great stuff from @DamonSilvers of @AFLCIO - "Then as now, big banks and big companies wanted money without conditions. Everything seemed so much easier that way. Government officials wanted flexibility, and no unpleasantness." 1/5 prospect.org/economy/repeat… But the result was that Wall Street and company executives got what they wanted, and the public, and anyone else who was supposed to be helped, like homeowners in 2008, and workers today, ended up with crumbs, or worse. 2/5
Mar 23, 2020 10 tweets 6 min read
#WallStreet sees a public health crisis as an opportunity to profit, and it shows in the McConnell #bailout plan, a multi-trillion-dollar giveaway to corporate America that @GoldmanSachs may actually run! Check it out and fight back: THREAD 1/10 washingtonpost.com/business/2020/… The plan envisions two pots of money for the bailout, $75 billion pot and a $425 billion pot. The smaller pot (for airlines and industries deemed important for national security) has some restrictions on it, but they are minimal 2/10
Nov 19, 2019 18 tweets 42 min read
Tune in now to the @FSCDems' hearing, "America for Sale? An Examination of the Practices of Private Funds."

WATCH📺:

We'll be live-tweeting the hearing in the thread below 👇 @FSCDems @EileenAppelbaum of @ceprdc:

“Toys R Us failed, its stores were shuttered, and 33,000 workers lost their jobs. It is this reckless loading of debt that the #StopWallStLooting Act would end.”
Oct 23, 2019 16 tweets 20 min read
Today, the House Financial Services Committee is holding a hearing with Facebook CEO Mark Zuckerberg.

You can watch yourself at: financialservices.house.gov/calendar/event…

We will be clipping videos from the hearing in this thread. 👇👇👇 HUD "filed an official charge of discrimination against @Facebook for its advertising practices... I understand that Facebook has refused to comply with HUD's fair housing investigation" --@RepMaxineWaters #FacebookHearing
Sep 10, 2019 22 tweets 82 min read
We are clipping videos from today's hearing on the $1.5 Trillion #StudentDebtCrisis. Find them in this thread, starting with this unexpected question about @CongBillPosey's view on @TaylorSwift13.
#HassleForATassle @congbillposey @taylorswift13 .@RepPerlmutter asks Seth Frotman, formerly of the @CFPB and now at @theSBPC, about the impact of student debt on housing, borrowers of color, wealth building. #HassleForATassle
Jul 17, 2019 18 tweets 13 min read
Members of the @FSCDems House Financial Services Committee question @Facebook #crypto chief David Marcus about their proposed #Libra cryptocurrency. We are clipping some videos of the hearing in the thread below 👇👇👇 Rep @NydiaVelazquez
Jul 10, 2019 7 tweets 4 min read
THREAD: Debt collectors used to “fear” @CFPB under @RichCordray but now praise the “clarity” from @CFPBDirector Kraninger, who is easing up on enforcement and proposing an industry-friendly regulation. Hat tip @TokyoWoods 1/7
wsj.com/articles/debt-… And this pro-industry rule is coming amid a perfect storm of skyrocketing U.S. household debt — $13.67 trillion — and rising defaults. Under the new rule, debt collectors would be freer to harass more people and invade their privacy while Kraninger fails to #ProtectConsumers. 2/7
Aug 30, 2018 7 tweets 5 min read
THREAD Why is he #CorporateKavanaugh? Why do we need to #SaveScotus? Let us count the ways (1) Even some Republican judges felt he went too far when he found the structure of @CFPB unconstitutional in the PHH Corp. case. He's a judicial activist in favor of corporations. (2)