FOR IMMEDIATE RELEASE
Tuesday, April 21, 2020
Washington, D.C. – Dennis M. Kelleher, President and CEO of Better Markets, announced the launch of a public resource that will track and monitor all of the emergency actions taken by financial regulators in response to the coronavirus crisis.
TRACERTM stands for “Tracker of Regulatory Agencies Coronavirus Emergency Responses,” and it will track every coronavirus-related action taken by the federal financial regulatory agencies, including the Fed, SEC, CFTC and FDIC. It is divided into four categories: Banking, Securities, Derivatives and Consumer Protection. For each regulatory action, the tracker gives the date, a brief summary of the action, a link to the action and the expiration date, if any, among other information.
“The scope, scale and speed of the coronavirus-caused crisis has everyone struggling to keep up, including U.S. financial regulators, who are taking many simultaneous actions proactively and in response to industry requests and market developments. While Better Markets supports efforts that help individuals and businesses impacted by the pandemic, we must remain vigilant to ensure that the financial regulatory actions are appropriate, targeted at and tailored to the emergency, and that every measure expires or is rescinded as soon as possible and, certainly, no later than when the crisis is over,” said Mr. Kelleher.
“The TRACERTM will be an invaluable tool for transparency, oversight and accountability. Once the crisis is over, the public will be able to use the TRACER to evaluate the regulators’ actions, determine if the stated purpose of the actions was achieved, and police the termination of the actions, particularly those that weaken or rollback key financial reform rules,” Mr. Kelleher concluded.
Because so many actions are happening on an almost daily basis, Better Markets invites the public to assist in keeping the TRACERTM current, complete and accurate. To do that, it has created a dedicated email that anyone can send additions or comments to at tracer@bettermarkets.com.
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.
