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March 11, 2013

Better Markets Launches “SEC Watch” In Connection with SEC Chairman Nominee Hearing

Better Markets, an independent, nonprofit organization that promotes the public interest in the financial markets, is launching a new webpage, “SEC Watch”, that will shine a spotlight on the Securities and Exchange Commission (“SEC”) and its actions and activities. 

“So many promises are made in Washington, D.C., only to be promptly broken.  Rarely is anyone held accountable.  ‘SEC Watch’ is designed to change that,” said Dennis Kelleher, president and CEO of Better Markets.  “The SEC is the primary agency charged with regulating and policing the U.S. capital markets.  It is also the front line agency that is supposed to protect Main Street from Wall Street, which is a high crime area.  The SEC is, therefore, vitally important to investors, taxpayers, the financial system, our economy and, indeed, all Americans,” said Mr. Kelleher.

“Unfortunately, the SEC failed miserably in the years before the financial crisis of 2008-2009, which will cost our country more than $12.8 trillion.  While doing better, it has regrettably too often failed since then as well.  For example, the SEC continues its de facto policy of not enforcing the law against the big, powerful and well-connected too-big-to-fail banks on Wall Street.  This has created a double standard where those on Main Street get the book thrown at them for the slightest offense, while the whales on Wall Street get away scot free for egregious illegal conduct.  This double standard not only incentivizes, but rewards and guarantees, more crime on Wall Street and more victims on Main Street,” Mr. Kelleher said.  

“With new leadership being appointed at the SEC, there is an opportunity for the SEC to be restored to its historically consequential role as guardian of investors and markets without fear or favor,” Mr. Kelleher continued.  “For the sake of our country, the SEC needs to again become the premier agency focused on protecting Main Street, investors and markets, which will also benefit Wall Street, bankers and our economy.  We intend to use this webpage to watch the SEC closely and inform everyone whether they are living up to their mission or falling short.  Like Wall Street, the SEC also must be held accountable,” Kelleher concluded.

The webpage is available at

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