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July 22, 2015

Better Markets Statement on Irresponsible Attempts to Include Wall Street Deregulation Provisions in Appropriations Bills

FOR IMMEDIATE RELEASE 
Wednesday, July 22, 2015
Contact: Jeff Gohringer, 202-618-6430 or jgohringer@bettermarkets.com

Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement on attempts to include numerous Wall Street deregulation provisions in appropriations legislation, including Senate Banking Committee Chairman Richard Shelby’s deregulation bill, ahead of the Senate Appropriations Committee vote expected tomorrow on the FY 2016 Financial Services and General Government Appropriations bill: 

“If Wall Street were a U.S. Senator, these irresponsible and dangerous deregulation provisions are exactly what they would put into this appropriations bill. Plus, they again fail to properly fund the CFTC and SEC cops on the Wall Street beat. These provisions are a de facto repeal of many key Dodd-Frank financial reform provisions, and would prevent agencies like the CFTC, SEC, CFPB, Fed and FSOC from doing their jobs protecting the American people from another financial crash. This bill will become yet another Trojan Horse that tries to hide Wall Street’s special interest loopholes behind a few modest provisions for community banks. While many on Wall Street may be popping the champagne corks thinking Christmas has come in July, they will be celebrating too soon because President Obama will not sign a funding bill that lets Wall Street return to high-risk gambling and threatens Main Street jobs, homes and savings.” 

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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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