News Archives » financial reform
Oblates Join Call for a Financial Speculation Levy June 17th, 2011
The Oblates have joined calls for a levy on financial speculation, specifically on trades of stocks, options and swaps. A modest levy of 0.25 percent could provide a permanent, reliable revenue stream of approximately $100 billion a year.
The small financial transaction levy proposed would exempt the middle class and those who hold securities for longer-term investment. It would discourage dangerous financial gambling and high volume, rapid speculative trading that ratchets up prices on precious commodities while inflating the bonuses of those on Wall Street.
The IMF has confirmed the feasibility of such taxes. In fact, the United States had a transfer tax from 1914 to 1966, which levied a 0.20 percent tax on all sales or transfers of stock. In 1932, Congress more than doubled the tax to help financial recovery and job creation during the Great Depression.
Critics charge that if the United States reapplies this tax domestically, it would push trading overseas. This claim is demonstrably false as the United Kingdom currently levies a similar tax and has the highest volume exchange in Europe.
Learn more: Read the letter to Mr. Gene B. Sperling, Director of the President’s National Economic Council
Interfaith Investor Group Urges Fed and Top Banks to Restore Public Confidence in Financial System April 20th, 2011
Citing Widespread Confidence Loss in U.S. Banks, Members of the Interfaith Center on Corporate Responsibility Advance Shareholder Proposals at Citigroup and Other Top Banks.New York, NY
Today, a task force from the Interfaith Center on Corporate Responsibility (ICCR) meets with representatives from the Federal Reserve to discuss its progress implementing regulation passed as part of the Dodd-Frank Bill last July. At issue are structures created by the Operations Management Group to monitor the global trading of derivatives in an effort to limit the excessive risk-taking that nearly toppled the financial system in 2008, left millions jobless and homeless, and shook global confidence in the markets to its core.
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New Haven Declaration on Corporate Financial Transparency Brings Together Unique Coalition of Asset Management Firms and Civil Society Organizations January 16th, 2011
A unique coalition of asset management firms and civil society organizations issued a statement on January 11th committing to call on governments and relevant multilateral institutions to establish a country-by-country financial reporting standard for multinational corporations. The “New Haven Declaration on Corporate Financial Transparency” establishes links between corporate accountability, business practices, and economic development and poverty alleviation.
The Missionary Oblates of Mary Immaculate was among the initial signatories of the declaration, alongside groups like Trillium Asset Management and Wealth for the Common Good. The signatories together represent $20 billion in combined assets under management.
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Help Fight World Hunger This Thanksgiving November 23rd, 2010
Here are two important things to do during your Thanksgiving holiday to help fight world hunger:
1) Take action to counteract the massive presence of Wall Street lobbyists in Washington working to insure their profits at the expense of people – call your Senators and ask them to prevent excessive speculation in commodity markets.
At a time when we stop to remember how thankful we are for food on our plates, let’s help make sure that this is a reality for people everywhere. In 2008, price bubbles in food and energy prices led to $4 gasoline in the U.S. and forced over 130 million people world-wide to go hungry, according to the UN. An important factor behind those price bubbles was excessive speculation in the food and energy commodity markets.
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Faith and Finance October 20th, 2010
The ICCR financial services sector team has released a White Paper called “Faith and Finance: Finding Common Ground to Protect the Common Good”. The paper presents principles considered important both to rebuild the financial system and to restore public confidence in the major financial institutions and government regulators.
Fr. Seamus Finn, OMI is an active member of the ICCR Financial Services team that is responsible for the paper.
