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News Release | U.S. PIRG | Tax

Forex settlements prevent banks from writing off multi-billion dollar payments as tax deductions

The six banks that today announced out-of-court settlements with federal agencies to atone for manipulating foreign exchange markets won't be able to write off those payments as a tax-deductible business expense. Why isn't that always the case?

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Blog Post | Consumer Protection

On Veterans Day, How The CFPB Helps Veterans, and All of Us | Ed Mierzwinski

Columnist George Will recently (and not for the first time) urged Congress to “abolish the Consumer Financial Protection Bureau.” His reasons may seem to come from his conservative philosophy, but merely pander to the powerful Wall Street interests that left our economy in ruins just a few years ago. As a counterbalance, let’s discuss some recent speeches and statements by CFPB Director Richard Cordray on his vision for the bureau and some of its current work, including – on this Veteran’s Day – its efforts to protect military families from financial predators.

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News Release | U.S. PIRG | Tax

US regulators to strike forex settlement, but will they strike out tax deductions from the deal?

Federal agencies are preparing to settle with several big banks to resolve charges that they manipulated foreign currency exchange rates. Will those banks be allowed to write off the settlement payments as a tax deduction? If so, much of the costs of the payment will be shifted back onto taxpayers.

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News Release | U.S. PIRG | Tax

Statement from U.S. PIRG about agency attempts to toughen up bank settlements

Statement regarding indications some federal agencies may reopen old banking settlements, as reported in yesterday’s New York Times. The SEC is similarly reportedly delaying the final execution of August’s announced $16.65 billion settlement with Bank of America while deliberating about issuing waivers that would soften regulatory repercussions of the deal.

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News Release | U.S. PIRG Education Fund | Democracy

Big Money Playing an Outsized Role in Primary Elections

In congressional primaries, bigger wallets give a small set of mega-donors an outsized voice, according to new information released today by the U.S. PIRG Education Fund and Demos. Just 5,485 donors who gave $1,000 or more to candidates in the primaries outspent the at least 440,362 small donors who gave less than $200, and 65 percent of all candidate contributions came from donors giving chunks of $1,000 or more.

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News Release | U.S. PIRG Education Fund | Democracy

U.S. PIRG Calls on FEC to Allow Campaign Contributions via Text Message

On Monday, U.S. PIRG, along with nine other prominent government reform groups, submitted a comment on a request for an advisory opinion at the Federal Election Commission in support of the agency allowing small-donor campaign contributions via text message in time for the 2012 election.

“Allowing text message contributions could help engage first-time and young voters in the campaign finance system and promote small donor engagement to push back against the flood of big money we are already seeing in 2012,” commented Blair Bowie, U.S. PIRG Democracy Advocate.

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News Release | U.S. PIRG Education Fund | Consumer Protection

Bagged Lettuce Recall and Fresh Produce Inspections

The Agriculture Department’s tiny $5 million Microbiological Data Program screens high-risk fresh produce throughout the year for bacteria including Salmonella, E. coli and Listeria. Cutting this program will leave public health officials without a crucial tool used to investigate deadly foodborne illnesses in fresh produce leaving inspections in the hands of produce producers.

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News Release | U.S. PIRG | Transportation

New Report: Long-Term Drop in How Much People Drive, Youth Desire More Transportation Options

A new report released today by the U.S. Public Interest Research Group Education Fund and the Frontier Group demonstrates that Americans have been driving less since the middle of last decade. The report, Transportation and the New Generation: Why Young People are Driving Less and What it Means for Transportation Policy, shows that young people in particular are decreasing the amount they drive and increasing their use of transportation alternatives.

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News Release | U.S. PIRG | Budget, Democracy, Tax

Release of New Report: Loopholes for Sale

A new report released Wednesday, March 21 by U.S. PIRG and Citizens for Tax Justice (CTJ) found that thirty unusually aggressive tax dodging corporations have made campaign contributions to 524 (98 percent) sitting members of Congress, and disproportionately to the leadership of both parties and to key committee members. The report, Loopholes for Sale: Campaign Contributions by Corporate Tax Dodgers, examines campaign contributions made by a total of 280 profitable Fortune 500 companies in 2006, 2008, 2010 and to date in 2012.

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News Release | U.S. PIRG | Health Care

New Health Exchange Rules Help States Move Forward

The rules released today by the federal Department of Health and Human Services put states in the driver’s seat when it comes to setting up new health benefits exchanges.  

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