Defending Main Street
Protecting Consumers, Investors, Retirees and Markets from the Predators
Financial Reform and Stability
Preventing Financial Crashes and Economic Collapse While Protecting Your Pocketbook, Our Shared Prosperity and America’s Limited Resources
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Returning the Law to Wall Street While Watching the Watchdogs, Defending Democracy, Transparency and Open Government
Advocacy and Outreach
Supporting the productive economy, creating wealth and broad-based prosperity while reducing systemic threats, inequality and economic insecurity
“Dennis Kelleher [is] one of the most powerful lobbyists on financial regulatory reform.”
“It's more important than ever that consumers and taxpayers have strong advocates like Dennis and Better Markets to stand up for ordinary Americans.”
“Kelleher, a former attorney at Skadden, Arps, Slate, Meagher & Flom, has become well-known for his critique of both Wall Street banks and regulators who he has often accused of failing to hold the banks accountable for wrongdoing.”
“Dennis is one of the most plugged in and important names here in Washington as the founder and leader of the investor advocacy group Better Markets. His views can not only drive fear into the heart of Wall Street, but they are also driving the conversation on Capitol Hill, especially on the most pressing topics concerning market abuse, risk and the integrity of the financial system.”
“Better Markets encourages a free flow of reform-minded ideals by bringing transparency and some small counterweight to the lobbying goliath of Wall Street.”
“Dennis Kelleher is one of the most effective group CEOs in Washington, D.C., and Better Markets’ record of achievement proves that.”
“On the front-lines of this effort is Better Markets, a relatively new advocacy group pushing to ensure new regulations are as strong as possible.”
Shaping the news, amplifying the public’s voice and analyzing new policies so Main Street doesn’t get left behind.
Comment
Letters
Better Markets filed more than 300 Comment Letters at the financial regulatory agencies and self-regulatory organizations.
Rule
Citations
Better Markets was cited over 130 times in final rules, showcasing the impact our subject matter experts make on the rulemaking process.
Court
Filings
Better Markets argues for strong regulation, effective remedies for investors, and a rulemaking process that complies with the law.
Print
Articles
Better Markets subject matter experts are continually sought after to amplify the public’s voice and to analyze new policies so Main Street doesn’t get left behind.
It should be obvious that policymakers shouldn't be prioritizing the needs of the #crypto industry, given crypto's long rap sheet and lawlessness. Yet, crypto allies in Congress are still working tirelessly to push the industry's legislation forward. https://bettermarkets.org/newsroom/10-reasons-not-to-enact-cryptos-special-interest-bailout-bill/
#Crypto has had a very bad couple of years as one crypto kingpin after another is arrested & the industry's lawlessness leads the news. That's why we've put together 10 reasons why Congress shouldn't pass the industry's special interest bailout bill.
10 Reasons Not to Enact Crypto’s Special Interest Bailout Bill | Better Markets
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement...
bettermarkets.org
Check out the new article by @theprospect, where @lukewgoldstein covers the @CFTC attempt to roll back protections for swap trades by relaxing margin requirements. These are the same derivatives that played a critical role in facilitating the #2008crisis.
https://prospect.org/economy/cftc-industry-friendly-derivatives-rule/
Our November newsletter covers everything that’s happened this month, from SBF’s conviction, to Kalshi’s lawsuit against the CFTC, to Wall Street’s attacks on banking regulators and new capital requirements, and more. https://bettermarkets.org/newsroom/better-markets-month-in-review-newsletter-november-2023/
.@Zachary writes in #MorningMoney that #crypto and its allies in Congress are "scrambling" to enact industry supported legislation. That's because of relentless negative news stories-including @SBF_FTX heading to prison, #CZ's plea deal & #crypto facilitating Hamas terrorism.
Although last week was a slower week for many of us, there were some important developments in the fintech and financial regulation spaces that you don't want to miss. Read about them in our new blog.
https://www.linkedin.com/pulse/what-you-missed-over-thanksgiving-crypto-crooks-political-u46xf%3FtrackingId=y%252FJNQ97sDAWEuH2zedUPUQ%253D%253D/?trackingId=y%2FJNQ97sDAWEuH2zedUPUQ%3D%3D
.@DennisKelleher tells @EbrimaSSanneh of @AmerBanker that Republicans and banking groups are using allegations at the @FDICgov as an opportunity to slow down the agency's implementation of new rules.
Gruenberg unlikely to resign amid FDIC workplace scandal
While bipartisan concerns have been raised about workplace abuse at the Federal Deposit Insurance Corp., experts say ...
www.americanbanker.com
This week #SCOTUS hears arguments in SEC v #Jarskey. A ruling against the @SECGov, would be a major blow to its enforcement ability, emboldening fraudsters and putting #MainStreet at risk.
As candidates & the #crypto industry make dangerous proposals to weaken regulation @DennisKelleher tells @hlowenkron @business that one thing is clear: “With the American people, #crypto is toxic."
Ramaswamy’s Crypto Deregulation Plan Is Scaring the Industry
Presidential candidate Vivek Ramaswamy’s call for mass deregulation of the cryptocurrency industry and drastic cuts to...
www.bloomberg.com
This July, Better Markets held a #Crypto Week of Truth, to shed light on the industry’s failed promises and track record of lawlessness. https://www.youtube.com/watch?v=HkvOcbBdCSs
.@DennisKelleher tells @kensweet @fatimathefatima @AP "criminal activities of crypto will continue & increase until all prosecutors, regulators & electeds force the industry to act like all other law-abiding people and firms in the financial industry."
Regulators and law enforcement crack down on crypto's bad actors. Congress has yet to take action
While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little i...
apnews.com
“Until the @TheJusticeDept starts meaningfully prosecuting individual executives & supervisors & imposing significant prison time & bankrupting personal fines, this practice just rewards past and future crimes," @DennisKelleher in @FT @ScottChipolina. #CZ
CZ takes risk with his biggest deal
Plus, Kraken is also charged by the SEC
www.ft.com
Republicans are trying to use very serious allegations of misconduct at the @FDICgov to stop rulemaking that will protect #MainStreet. @DennisKelleher explains the facts and what is at stake in @EbrimaSSanneh's @AmerBanker story.
Gruenberg unlikely to resign amid FDIC workplace scandal
While bipartisan concerns have been raised about workplace abuse at the Federal Deposit Insurance Corp., experts say ...
www.americanbanker.com
.@DennisKelleher tells @EbrimaSSanneh of @AmerBanker that when it comes to @FDICgov investigations, the financial industry and Republicans are trying "to use these very serious issues as a pretext to pressure chair Gruenberg to resign...
https://www.americanbanker.com/news/gruenberg-unlikely-to-resign-amid-fdic-workplace-scandal
A recent speech by @CFTCcgr titled "Financial Stability is Foundational for Consumer Protection" cited a metaphor by our Derivatives Director, Cantrell Dumas, on financial protection rules. https://www.cftc.gov/PressRoom/SpeechesTestimony/oparomero13
Our work standing up for #MainStreet and holding #WallStreet accountable wouldn’t be possible if it wasn’t for the support of all our partners, donors and allies. We wish you all a safe and Happy Thanksgiving! http://bit.ly/3DAUGuE
What do you do when you have an industry of predators, lawbreakers, & crooks? @Zachary reports in #MorningMoney that the industry is recruiting "a small army of former defense, national security & law enforcement officials" to cover up its criminal record.
https://www.politico.com/newsletters/morning-money
.@MattEganCNN @allisondmorrow @cnn cover #CZ's downfall with @DennisKelleher noting "today’s settlement is not an outlier, and the lawlessness if not criminal activities of crypto will continue" unless leaders confront the corrupt #crypto industry.
https://www.cnn.com/2023/11/21/investing/binance-changpeng-zhao-treasury/index.html
.@Reuters @michelleprice36 writes on the wave of litigation #WallStreet is pursuing to fight rules that @DennisKelleher says "are incredibly important to protecting consumers, investors, and financial stability."
Wall Street heads to court to fend off Biden's regulators
Facing a wave of new rules and encouraged by a sympathetic judiciary, U.S. financial firms and their trade groups ...
www.reuters.com
The six largest #turkeys (aka the #megabanks) have racked up $207 Billion+ in fines and been the subject of 490 legal actions in the past 23 years. Help @BetterMarkets in our fight to stop #WallStreet from ripping off Main Street Americans. https://bit.ly/3DAUGuE
Important piece by @rkuttnerwrites @TheProspect on #WallStreet's and Republicans' real intentions when it comes to investigating the @FDICgov.
The Banks’ Latest Hit Job
Today on TAP: Hill Republicans want to oust FDIC Chair Martin Gruenberg, citing sexual harassment elsewhere in the ...
prospect.org
What do you do when your industry has a history of lawlessness, fraud, investor losses, and even funding Hamas? You start a Super PAC to mislead the public about your actual record. #crypto
https://www.politico.com/news/2023/11/20/crypto-super-pac-2024-candidates-00128032#:~:text=starting%20to%20rebuild.-,A%20new%20crypto%2Dfocused%20super%20PAC%20has%20pumped%20over%20%241.2,elections%20in%20the%20coming%20year.
.@FINRA is floating a plan to let brokers promise future results. Our Legal Director Stephen Hall tells @brookeamasters @FT that the plan is "ill-considered and could open the door to lots of mischief. Even sophisticated investors can be duped."
Wall Street watchdog floats plan to let brokers promise future results
Finra proposal would allow performance projections in marketing to wealthy and institutional investors
www.ft.com
This year @BetterMarkets put out 40+ reports & fact sheets diving into #WallStreet’s continued crime spree, the lawless crypto industry, the regional banking crisis, and much more. Please consider joining us in our fight to keep #WallStreet accountable. http://bit.ly/3DAUGuE
#ClearingAgencies are indispensable to our financial system, but they are also buffeted by intense conflict of interest. That’s why the @SECGov's new rule to promote greater independence in clearing agency's board of directors is an important step.
https://bettermarkets.org/newsroom/sec-rules-protect-investors-and-the-financial-system-by-addressing-conflicts-of-interest-at-registered-clearing-agencies/
While @sequoia and other VCs were falling for @SBF_FTX's lies, @hiltzikm of the @Latimes writes @BetterMarkets and @DennisKelleher "sounded the alarm loud and clear." https://latimes.com/business/story/2023-11-08/column-silicon-valley-vcs-wanted-to-believe-sbfs-lies-now-they-want-you-to-believe-their-excuses
The reports about sexual misconduct and harassment at the @FDICgov are horrific. There must be a full, thorough investigation of those reports, and anyone engaged in such conduct should face the severest penalties as fast as possible. https://bettermarkets.org/newsroom/there-must-be-a-full-fair-unbiased-and-credible-investigation-of-the-fdic/
Big banks & their lobbyists are spending millions to oppose capital requirements designed to protect Main Street families, small businesses, community banks, & the economy. In our fact sheet, we debunk 10 false claims the industry is telling on capital.
https://bettermarkets.org/newsroom/fact-sheet-wall-streets-claims-against-capital-are-false-baseless-and-dangerous/
Today our Legal Director Steve Hall, will take part in a panel "Investor Protection in the Digital Age" at @ConsumerFed's conference. You can learn more about the panel here: https://consumerfed.org/events/financial-services-conference/
Today the @FDICgov will meet to finalize a rule implementing a new fee for banks to pay to replenish the Deposit Insurance Fund (DIF) following several bank failures in the spring.
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