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June 6, 2020

Better Markets Statement on the Murder of George Floyd and Racism

All of us at Better Markets are deeply saddened by the recent killings of George Floyd, Ahmaud Arbery, Breonna Taylor and so many others. That indifference to human life and the humanity of our fellow citizens is shocking and intolerable. These tragedies—and the many other examples of police and official violence against minorities—have once again shown the embedded racism in our social and political systems.
Those senseless and brutal murders—along with the egregiously disproportionate impact of the pandemic on minorities—have also made clear the structural inequalities that are entrenched in our economic and financial systems. No one can legitimately question that the economy simply does not work for most Americans, and certainly, it doesn’t work for most minorities in this country.
The financial system and the financial industry have played a large role in perpetuating those inequities, with insiders manipulating the laws, rules and regulations that decide who get the benefits and protections of the government. We must never forget that the economy—who it works for and who it does not—is not predetermined. It is decided by people, and it is rigged and protected by connected, wealthy insiders. Their actions to maximize their profits profoundly impact who gets the benefits of our economic and financial systems—and who does not.
It’s more important than ever to fight for a fair, equitable, nondiscriminatory and inclusive economy, financial system and financial industry. That requires financial reform and financial regulation as well as investor and consumer protections. Those are the means to achieve some of the most important social, political and economic goals facing the country, including a financial system that supports the real economy, jobs and communities.
In these trying times, it is imperative that we work together to eradicate racism, discrimination and predators in our social, political, economic and financial systems. We are stronger together, and we look forward to working with you to right the many wrongs, particularly those in our economic and financial systems.
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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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