WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the banking agencies’ hearing on Thursday on TD Bank’s application to acquire First Horizon to create the 8th largest bank in the U.S., as detailed in this Better Markets’ letter: “JPMorgan Chase CEO Jamie Dimon was ferociously adamant that all banks, […]
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WASHINGTON, D.C.— Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement in connection with today’s release of Better Markets’ report on money market funds (MMFs). The report is the second in a series on the shadow banking sector and the serious risks it poses to the U.S. financial system. You can find the […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement on the jury verdict convicting two JPMorgan Chase officers of criminal conduct: “Today’s jury verdict convicting two officers of JPMorgan Chase for crimes in manipulating the precious metals markets should signal to Wall Street’s biggest financial firms and executives that they are not […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement in response to today’s Federal Reserve release of stress capital buffer requirements for the largest banks: “At a time of heightened risks to the economy, skyrocketing inflation, and extreme uncertainty, the Federal Reserve’s stressed capital buffers (SCBs) that were released today […]
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Exposing Pandemic Profiteering at American’s Central Bank, Leadership Failures & Cover Up As hundreds of thousands of Americans were dying and tens of millions were being thrown out of work due to a catastrophic pandemic that gripped the country with fear, some of the most senior officials at the U.S. central bank – the Federal […]
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Even though Wall Street’s biggest banks each have decades-long histories of repeatedly breaking the law,[1] senior staff, supervisors, and executives of those banks are almost never charged either civilly or legally for that lawbreaking. However, the Department of Justice (DOJ) has criminally charged four of nine former JPMorgan Chase officers for engaging in an 8-year […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the Federal Reserve’s release of the results of its 2022 Dodd-Frank Act stress test: “Despite a heightened, near-unprecedented combination of simultaneous shocks and risks to the economy and the financial system — from a pandemic and war to skyrocketing inflation and speculative financial […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the filing of Better Markets comment letter to the Federal Deposit Insurance Corporation (FDIC) on their request for comments regarding its proposed principles for climate-related financial risk management for large banks. “We applaud the FDIC for incorporating climate-related financial risks into its risk management expectations […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the announcement by the Basel Committee on a modification that will reduce the capital buffer for systemically important European banks. “Today the Basel Committee – an organization that exists to set global minimum standards for banks – announced a lowering of capital standards […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the filing of Better Markets comment letter to the Federal Deposit Insurance Corporation on their request for information and comment on ways in which the review of bank mergers could be enhanced. “Federal banking regulatory agencies and the Department of Justice must work together to […]
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