Better Markets Applauds Treasury Secretary Lew’s Remarks Calling for Strong Financial Reform, Full Funding for Financial Regulators and a Global ‘Race to the Top’ to Protect the American People
“Treasury Secretary Lew’s speech today at the Pew Charitable Trusts was a ringing endorsement of the vital need for strong financial reform to protect the American people, the financial system and the economy from another devastating crash. His frank acknowledgement that this is not a choice, but a solemn obligation and duty should be the guiding principle for everyone engaged in the process of financial reform,” said Dennis Kelleher, President of Better Markets, Inc., an independent nonprofit organization that promotes the public interest in the financial markets.
“Importantly, the Secretary recognized that durable, effective financial reform will require ongoing and constant vigilance by aggressive and well-funded public officials. He set a very high bar not just for himself, but also for other regulators, policy makers and market participants,” Mr. Kelleher said.
“As a leader in the fight for more funding, Better Markets applauds Secretary Lew’s demand that the regulatory agencies be properly funded and his commitment to take action to make that happen. Secretary Lew recognizes that failing to properly fund the regulators is nothing more than ‘virtual deregulation,’ which takes the cops off the Wall Street beat and puts Main Street at grave risk,” said Mr. Kelleher.
“The Secretary’s unequivocal statement that the administration’s goal is ‘a global race to the top’ is timely and indispensable as is his commitment not to allow free trade agreements ‘to serve as an opportunity to water down domestic financial regulatory standards.’ His emphasis on making sure that market participants set the right ‘tone at the top [that] sends the right signal to the whole firm’ is also critically important. If this doesn’t happen, the crime spree on Wall Street will continue, financial reform will fail, more financial crashes will happen, and the American people will suffer,” Mr. Kelleher said.
“The Secretary was entirely right when he said ‘the stakes are high’ in getting financial reform right. The importance of his leadership as well as his personal commitment and involvement cannot be overstated. As Secretary of the Treasury, who is also the Chairman of the Financial Stability Council, he has the power, authority and ability to ensure that the essential goals he detailed, endorsed and called for are achieved. Better Markets looks forward to working with him and his colleagues to transform his words into actions,” concluded Mr. Kelleher.
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight, and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure, thereby eliminating or minimizing the need for more taxpayer funded bailouts.