Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement ahead of a Senate Homeland Security and Government Affairs Committee hearing today on regulatory reform:
“Policy makers have to be very careful when considering ‘regulatory reform’ because it is too often just a smokescreen for a deregulation agenda that hurts consumers and taxpayers. For example, one of the leading causes of the financial crash in 2008 was too little regulation, not too much. But every day the industry tries to weaken or kill even the most sensible and necessary Dodd Frank rules and regulations under the guise of ’regulatory reform.’ That would be good for Wall Street profits and bonuses, but it would result in another financial crash and unleash more recklessness on workers, families and communities, who have already suffered enough.”
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. To learn more, visit www.bettermarkets.com.