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April 13, 2016

Better Markets Statement on Historic Actions by FDIC and Fed Regarding Wall Street’s Proposed Living Wills

FOR IMMEDIATE RELEASE
Wednesday, April 13, 2016
Contact: Shanessa Bryant, 202-618-6433 or sbryant@bettermarkets.com

Washington, D.C. – Following the announcement today from federal regulators that the “living wills” of five giant banks, including J.P. Morgan Chase and Bank of America were found to be “non-credible,” Dennis Kelleher, President and CEO of Better Markets, issued this statement: 

“Today, the national priority of genuinely ending the too-big-to-fail threat from Wall Street is much closer.  The actions by the FDIC and the Federal Reserve are an historic step in preventing future taxpayer-funded bailouts of Wall Street and future financial crashes.  The Dodd-Frank law gave regulators the power and responsibility to protect the American people from the dangers posed by Wall Street’s too-big-to-fail banks.  Requiring them to have credible living wills is an essential part of achieving that, although much else remains to be done by all the financial regulators.  

“The FDIC and the Federal Reserve are to be applauded for their historic actions today. Their credibility was on the line and they proved that they are fully prepared to do what is necessary to protect the American people from another devastating financial crash. In rejecting the relentless lobbying of Wall Street and its lawyers, today’s courageous actions by the regulators send a loud and clear message to Wall Street that the future modified submissions will be subjected to the same rigorous, thorough scrutiny and evaluation that was done here.  It is past time for Wall Street to stop playing games and submit credible living wills proving they can be resolved in bankruptcy without any taxpayer bailouts.” 

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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.

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