Defending Main Street
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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
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Supporting the productive economy, creating wealth and broad-based prosperity while reducing systemic threats, inequality and economic insecurity
“[Better Markets] first shot to fame during the 2008 global financial crisis when it became a thorn in the side of Wall Street and Washington regulators because it complained loudly—and correctly—about the follies of excessive financial deregulation. Since then, it has continued to scrutinize the more recondite details of US regulation, complaining, again rightly, that the rules have recently been watered down.”
“Dennis Kelleher and his team at Better Markets have consistently pushed for financial reform that will help protect the U.S. economy from another financial crash. They are strong partners in the fight to level the playing field for middle-class families and have been persistent fighters for the American people, their jobs, savings and retirements.”
“Better Markets has served as a valuable and important voice pushing for fairness in our financial system.”
“Dennis Kelleher over at Better Markets, a huge presence in Washington, DC. A nonprofit, of course, established to make finance and government serve society a little bit better.”
“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.”
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 450 Comment Letters at the financial regulatory agencies and self-regulatory organizations.
Rule
Citations
Better Markets was cited over 170 times in final rules, showcasing the impact our subject matter experts make on the rulemaking process.
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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.
Imagine if elections were decided not by voters, but by people betting on the outcome. Sound far-fetched?
A recent court case moved the U.S. dangerously close to allowing betting on elections. It's clear that political event contracts may very well suffer from market…
.@westonblasi of @MarketWatch details the implications of the battle over gambling on U.S. elections. Our Cantrell Dumas points out that the ruling in favor of election betting "prioritizes corporate profit over public interest.”
Election betting: What traders are saying about the new, and now blocked, rules
Just hours after it began, legal betting on the outcome of U.S. Congressional elections was put on hold by a federal appeals court.
www.marketwatch.com
.@brookeamasters @FT writes on the race to sell unlisted assets to wealthy investors. Our Ben Schiffrin explains “Investors need to understand that the private markets don’t have the same degree of transparency, and the whole structure is different."
Firms jostle to sell alternative assets to wealthy investors
Critics warn of risks in selling illiquid and hard-to-value products to less experienced retail buyers
www.ft.com
.@piperhudsburn @CNN does an excellent laying out the stakes of a court decision allowing @Kalshi to offer betting on U.S. elections.
https://amp.cnn.com/cnn/2024/09/12/business/kalshi-political-betting-prediction-market
On @SubstackInc our team is examining key issues that impact the lives of all Americans. Whether it's making our financial system more stable, protecting consumers from the worst excesses of #AI and #crypto, or combatting economic racial injustice, we're working to ensure that…
.@WayneParryAC of the @AP covers the ruling in @Kalshi v. @CFTC. Our Cantrell Dumas warns that it "opens the floodgates to unprecedented gambling on U.S. elections, eroding public trust in both markets and democracy.”
Firm offers bets on congressional elections after judge clears way; appeal looms
You can now do more than just vote in the November elections for Congress: you can bet on them, too.
apnews.com
The court got it wrong in @Kalshi v. @CFTC - allowing betting on our elections and endangering our democracy and markets. Learn more in our statement:
Court’s Opinion in Kalshi v. CFTC Directly Threatens Our Democracy | Better Markets
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with re...
bettermarkets.org
.@NewsNation covers the dangerous court ruling that could lead to betting on elections. Our Steve Hall explains that it would “create powerful new incentives for bad actors to interfere with our elections & sway voters outside of the democratic process.”
US company pushing to legalize election betting
A judge recently ruled to allow the company offer election betting, but the issue remains held up in court.
www.newsnationnow.com
Important story from @paigehtml @newrepublic on the wave of campaign and lobbying spending by the crypto industry: “If you thought there was too much money in politics before, you’re in for a rude awakening.”
https://newrepublic.com/article/185150/crypto-campaign-finance-spending-2024
🚨 .@SECGov approval of #Ether ETPs brings #crypto closer to mainstream finance, but with serious risks. Ether's price volatility highlights the enormous risks for investors and the economy. Learn more: https://bettermarkets.substack.com/p/ether-etps-pose-unprecedented-risks?r=1mexyz
.@Politico #MorningMoney @samjsutton covers the @federalreserve's plan to gut the #capital rule with our @DennisKelleher explaining that it "caved to the lobbying of big bank executives.”
https://www.politico.com/newsletters/morning-money/2024/09/11/another-rousing-debate-about-americas-economic-future-00178578
"Today’s action by @federalreserve Vice Chair for Supervision Michael Barr gutting the proposed capital rule is baseless and unjustified. Remember that #WallStreet’s banks attacked the rule before it was even proposed. The threat those banks pose to the country is from being…
Democracy in America is at a fragile crossroads, with more Americans questioning the integrity of elections than ever before. The shocking attack on the Capitol on January 6, 2021, is just one glaring example, but across the country, less visible incidents continue to chip away…
This summer trading began on #ETPs tied to the price of the #cryptocurrency #Ether. On substack, our Benjamin Schiffrin explains that Ether ETPs raise serious concerns for retail investors, Main Street, and our entire financial system and economy: https://open.substack.com/pub/bettermarkets/p/ether-etps-pose-unprecedented-risks?r=1mexyz&utm_campaign=post&utm_medium=web
Why is the recent @Kalshi decision and allow betting on U.S. elections so dangerous? A few examples...
https://bettermarkets.org/analysis/cftc-must-reject-proposal-to-allow-gambling-on-u-s-elections/
Over the weekend a court reached a dangerous decision to allow @Kalshi to begin offering wagers on U.S. elections. This has the potential to corrupt the integrity of our elections, trigger market manipulation, and victimize countless investors.
Court Takes Dangerous Step Towards Allowing Gambling on U.S. Elections, Threatening Democracy and...
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the decision ...
bettermarkets.org
A Court’s decision has overturned a well-reasoned order by the @CFTC denying @Kalshi petition to offer an event contract on which party will win control of Congress.
In these pivotal and fragile political times, the last thing our country needs is for democracy to be undermined…
While we are encouraged by a proposed rule from regulators on incentive based compensation, the proposal is long overdue, needs improvement, and requires the buy-in of the @SECGov and @federalreserve. Learn more in our new cl:
https://bettermarkets.org/newsroom/more-than-13-years-late-and-counting-proposed-incentive-based-compensation-rule-is-promising-but-is-overdue-and-incomplete-without-the-fed-and-sec/
We are proud to announce that George French has joined Better Markets as a Senior Fellow. George had a long and distinguished career at the @FDICgov.
The depth and breadth of George’s far-reaching experience and expertise in developing banking policy, analyzing the effects of…
Important story by Pam and Russ Martens of "Wall Street on Parade" on the megabanks relentless campaign to mislead the public on a commonsense #capital rule that will help protect Main Street: https://wallstreetonparade.com/2024/09/after-jpmorgan-threatens-to-sue-the-fed-cuts-its-capital-requirement-on-the-5-count-felon-from-a-planned-25-percent-hike-to-less-than-8-percent/
Our Shayna Olesiuk, details #WallStreet's misleading claims on…
📢 Counterparty credit risk (CCR) is a ticking time bomb in our financial system. It's time for concrete, actions to address CCR exposures and protect consumers. We're urge the Basel Committee to strengthen guidelines and enforce stricter limits.
Basel Committee Must Address Counterparty Credit Exposures at Megabanks to Protect Financial...
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the ...
bettermarkets.org
Financial executives and traders regularly pocket million-dollar bonuses. The prospect of unimaginable and immediate riches, however, often results in those executives and traders taking excessive and unjustified risks.
The executives and traders benefit from immense upside when…
We hope you got some well-deserved rest during August and over the Labor Day weekend. Lots happened during that time that we didn’t want you to miss. Learn more about important developments on Election Gambling, Historic Court Decisions, Crypto, Climate, AI and More:…
The opaque and interconnected web of megabanks’ counterparty credit risk (CCR) exposures can amplify the effects of market shocks, send financial systems into crisis, cause government bailouts, and impose great costs on consumers, investors, and small businesses.
Counterparty…
Our analysis of #SCOTUS' latest term explains that the court's decisions "put virtually all Americans at greater risk from the powerful, wealthy, and well-connected." https://bettermarkets.org/newsroom/analysis-of-recent-supreme-court-decisions-harmful-impact-on-main-street-americans/
.@DennisKelleher tells @bgomezreports of @CNBC's #CryptoWorld that the industry has greatly exaggerated the number of Americans who use crypto and that most voters actually have a negative view of it.
https://www.cnbc.com/video/2024/08/23/bitcoin-rises-fed-chair-lays-groundwork-for-rate-cuts-crypto-world.html
.@FDICgov's new rule is a big win for fairness and equality in banking. Qualified individuals with minor or old offenses now have a fair chance at employment, challenging the outdated double standard that favored high-level execs.
FDIC Removes Barriers to Qualified Americans Seeking Employment in Banking, Especially Those from...
...
bettermarkets.org
Summer is often a slow time in Washington, but not this year! Aside from political news, there’s lots of economic and financial news that directly impact the lives and livelihoods of all Americans. Our team has been busy working in areas from artificial intelligence, crypto and…
#Banks are unprepared for #climate risks, and regulators are falling behind. It's time for urgent action to protect Main Street and ensure financial stability. #ClimateRisk
Fact Sheet: Banking Regulators Must Act Fast to Catch Up on Climate Financial Risk Management to...
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with t...
bettermarkets.org
A top regulator recently said "We don’t exist to serve banks; banks exist to serve us.’ That's why regulators must reject @CapitalOne's merger with Discover, which will bring about higher fees, less choice, and more concentration. https://bettermarkets.substack.com/p/the-capital-one-discover-merger-should
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