Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following the release of Senate Banking Committee Chairman Richard Shelby’s Wall Street deregulation bill:
“Wall Street and its many lobbyists will cheer Chairman Shelby’s bill. It is just the latest in a series of Trojan Horse bills that try to hide Wall Street’s special interest loopholes behind community banks. Rather than dangerously deregulating Wall Street’s handful of too big to fail banks, Congress should focus on helping real community banks, which fund and finance businesses, jobs and growth. Given the bipartisan, supermajority support for that, the Chairman’s bill is a regrettable missed opportunity.”
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.