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In 2008, Wall Street’s reckless risk-taking crashed the global economy. Families lost homes, jobs, and savings. Millions are still recovering. One hard-earned lesson was clear: banks must be made sturdy enough so taxpayers never again foot the bill for Wall Street’s gambling. Now, the Federal Reserve and other federal agencies want to weaken the safeguards that were put in place to prevent the largest banks from becoming dangerously fragile and triggering another crisis that could imperil the entire economy. They want to roll back post-crash capital rules, allow big banks to gamble with borrowed money, and open the door to a new era in Wall Street’s casino. It is the same dangerous playbook that led to the last crisis, and once again Wall Street is lobbying for it. AFR is making the case to regulators exactly how this rollback endangers the entire economy. We break down the wonky, in the weeds details regulators hope no one is watching, because those details will decide whether families or financiers pay the price in the next downturn. This is AFR at our best: technical, sharp, relentless. But here’s the truth, Wall Street has virtually unlimited resources, armies of lobbyists, and a revolving door into government agencies. The only way we match them is with your support.
AFR was founded out of the ashes of the 2008 crash for exactly this fight. It is not flashy. It is not simple. It is deep in the weeds. But it is how we fight to keep our economy safe. And we cannot do it without you. We are poring over technical documents, producing airtight analysis, and making the case to lawmakers. We are the ones who can explain the real-world consequences and then mobilize to fight this plan. Thank you for making it possible for us to dig into the weeds and fight Wall Street’s dangerous rollback of safeguards that protect families and communities. Patrick. Patrick Woodall (he/him)
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