Amanda Fischer
amandalfischer.bsky.social
Amanda Fischer
@amandalfischer.bsky.social
620 followers 140 following 180 posts
Current: @bettermarkets.bsky.social Former: Chief of Staff at the Securities & Exchange Commission and policy advisor in the House and Senate on financial services policy.
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Reposted by Amanda Fischer
Justice Brandeis wrote “sunlight is said to be the best of disinfectants; electric light the most efficient policeman.” He championed creating the SEC after the 1929 crash.

Now, SEC is doing its work in secrecy. Read this
@bettermarkets.bsky.social brief: bettermarkets.substack.com/p/the-secret...
The Secret Securities and Exchange Commission
By Amanda Fischer, Policy Director & COO
bettermarkets.substack.com
I wrote a new piece outlining how SEC leadership is using “staff” statements and novel legal maneuvers to avoid the APA, a critical public transparency law.

It’s a way to deliver for the financial services industry while avoiding scrutiny of skeptics and public interest advocates.
In the past nine months, the SEC has strayed from the standard rulemaking process that is supposed to let members of the public have equal opportunity to comment on changes before they go into effect. Read more in a Substack by @amandalfischer.bsky.social: bettermarkets.substack.com/p/the-secret...
The Secret Securities and Exchange Commission
By Amanda Fischer, Policy Director & COO
bettermarkets.substack.com
Reposted by Amanda Fischer
Important explanation by @bettermarkets.bsky.social of how the crypto industry is reusing the same bogus “technological advancement” hype that Citigroup circa 1999 to gut key financial market protections.

Past is prologue. We should heed its lessons: bettermarkets.org/wp-content/u...
in the past, money that the CFPB collected would either go back to harmed consumers or go to a fund to finance consumer education and empowerment. The Trump Admin has both (nearly) stopped suing to recover money for harmed consumers and is also shutting down the education fund.
This new proposal would put that to an end - allowing auto lenders to operate without oversight and meaning the 1.36M customers that were helped in the past are way less likely to receive help in the future. Read more here: bettermarkets.org/wp-content/u...
bettermarkets.org
The result is that in the PAST, the CFPB has sued a ton of subprime auto lenders and recovered money for individuals and families. They can do that, in part, because they supervise these entities and can stop problems early.
Subprime auto lenders also target rural customers and servicemembers, and may be more likely to be non-complaint with laws that protect military borrowers.
Why does this matter? Well, subprime auto lenders are more likely to offer cars priced higher than book values. Interest rates are higher, payment plans come with more traps, and car repossessions happen more frequently.
For auto lenders, the CFPB since 2015 has supervised companies that make > 10K auto loans per year.

This new proposal suggests raising that threshold 105x up to 1,050,000! Raising the level that high would ensure that ZERO lenders that serve subprime customers would be covered.
After the 2008 crisis, Congress ordered the CFPB to supervise non-bank companies like auto lenders, debt collectors and credit reporting bureaus that play an outsized role in whatever market they operate in. These are called "larger participant" rules.
🚨@bettermarkets.bsky.social analysis found that the CFPB proposal would exempt auto lenders where the Bureau previously recovered nearly $75 million in restitution & penalties affecting 1.36M including more than 50,000 servicemembers
While the CFPB is closed for business when it comes to helping Americans fight financial scams, they are hard at work rewriting rules to benefit subprime auto lenders. (quick thread)
Reposted by Amanda Fischer
Paul Benda of the American Bankers Association calls for more regulation of data brokers to combat fraud and scams.

That’s strange… When the CFPB proposed just that, ABA opposed it.

www.consumerfinance.gov/about-us/new...

www.aba.com/advocacy/pol...
Commodity Exchange Act Section 6(c)(1) prohibits the misuse of material nonpublic information in derivative markets.

Since Polymarket declared itself a “futures exchange” instead of a gambling house, this proposal by Ackman is indeed very illegal!
Over on the other site, Bill Ackman is urging Eric Adams to bet on Cuomo’s chances of winning the NYC election & then drop out & cash in his bet once Cuomo’s odds inevitably rise.

Ackman is also declaring this scheme legal when in fact it very much not.
She’s too busy but I would love 800 words from @tressiemcphd.bsky.social on this
An entire dissertation could be written about the visual accompanying this senate campaign announcement.

The men foregrounded and centered when *she* is the candidate is really communicating a lot without saying anything.
Trump musing that an appointee maybe did something maybe wrong unrelated to her job is not grounds for firing. She should fight it.

In the meantime, Wall Street should be freaking out.
Trump posts a letter stating that he is removing Fed Governor Lisa Cook
Trump and FHFA Director Pulte have launched a smear campaign against Fed Governor Lisa Cook.

Setting aside the many offensive things about this post, the central image is also not Cook. It is an unflattering photo of a different Black woman that is not a Fed Governor.
In 2021 when I was listening to @bft.wtf and @cascoinfoundation.org talk about the crazy history of Tether it would end up being the best prep for understanding influence peddling in the second Trump Admin
Every time I hear someone talk about Web 3.0 or AI or whatever, I just want to scream "fix wireless printers, fix cell phones." Stop inventing new things until this is solved.
My printers never work for long. Set up goes fine to my iMac and iPad. It will print a few times and then stop communicating with server. This didn’t happen when I used same printer during my field work this year. That means the issue is, as I suspected, something with my WiFi’s IP protocols.
today for whatever reason I'm reminded of that