We had an all-star lineup to discuss the anniversary of the 2023 regional banking crisis, the lasting impact on families, businesses, and workers, and the looming threats ahead. WELCOME & INTRODUCTIONS: DENNIS KELLEHER, Co-Founder, President and CEO, Better Markets PANELISTS: KATHRYN JUDGE, Harvey J. Goldschmid Professor of Law at Columbia Law School. She is an expert on […]
WASHINGTON, D.C.— Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement congratulating Simon Johnson and his fellow awardees, Daron Acemoglu and James Robinson, for being awarded the Nobel Prize in Economic Science: “We congratulate Simon Johnson, along with his fellow awardees Daron Acemoglu and James Robinson, for being awarded the Nobel Prize in […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the Federal Reserve Board’s (Fed) announcement of the results from its climate scenario analysis exercise. “The results from the Fed’s pilot climate scenario are appalling and alarming. These results don’t just reveal innocuous sounding ‘data gaps’ and ‘modeling challenges.’ They […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the release of a Fact Sheet on “Key Topics for FSOC Annual Report to Congress” ahead of a House Financial Services Committee hearing on the Annual Report of the Financial Stability Oversight Council (FSOC). Janet Yellen, Chairperson of the Financial […]
WASHINGTON, D.C.— Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement in connection with Federal Deposit Insurance Corporation (FDIC) anticipated proposal of long-term debt requirements and resolution plans for so-called domestically systemically important banks (DSIBs): “The failures of three large banks earlier this year, the overall financial panic that followed, and the need […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement on the filing of Better Markets’ Comment Letter to the Federal Deposit Insurance Corporation (FDIC) in response to the agency’s proposed rule for special assessments to recover losses resulting from the protection of uninsured depositors at the failed Silicon […]
Recent reports from the Federal Reserve and FDIC make clear that the failures of Silicon Valley Bank (SVB) and Signature Bank—as well as First Republic Bank and the overall ongoing banking crisis—were the predictable and predicted result of decisions and actions by elected officials and regulators to deregulate the financial industry. Now that more of […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the Financial Stability Oversight Council (FSOC) release of a financial stability framework and rule proposal on nonbank designation: “We applaud the Financial Stability Oversight Council (FSOC) for, first, announcing a financial stability framework aimed at identifying, assessing, and addressing the […]
The Financial Times’ Robert Armstrong‘s latest story covers the Federal Reserve and its role in our current economic situation. He references the work of Better Markets and its recent report on the Federal Reserve and systematic instability. Below is an excerpt from the piece: It is useful, then, when the case against the Fed is framed […]
The Financial Times’ Gillian Tett‘s latest column covers the Federal Reserve’s failures following the 2008 financial crisis. She references the work of Better Markets and its recent report on the Federal Reserve and systematic instability. Below is an excerpt from the piece: A recent report from the American lobby group Better Markets outlines the wider […]
WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued the following statement upon the significant deterioration of the financial condition of Credit Suisse that has brought it close to failure: “As the financial condition of Credit Suisse continues to deteriorate, raising questions of whether it will collapse, the world and U.S. taxpayers should be […]
WASHINGTON, D.C.—Dennis M. Kelleher, Co-founder, President and CEO of Better Markets, issued the following statement on the Federal Reserve’s late Friday announcement that (1) it passed Truist’s living will, and (2) it is going to issue guidance on its expectations for living wills for banks greater than $250 billion but are not systemically important: “Continuing […]
This Op-Ed was published on the Barron’s website. The catastrophic 2008 financial crisis was caused by Wall Street banks that were big, complex, leveraged, interconnected, and systemically important. They were so big that elected officials, policymakers, and regulators faced a difficult choice: bail them out with taxpayer money or let them fail and risk precipitating […]
WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement on the Federal Reserve’s announcement of a “pilot” climate scenario analysis exercise for 2023: “The Federal Reserve’s official announcement of its plan to conduct climate scenario analysis for the nation’s six largest, most complex, most dangerous financial institutions is a welcome […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule that would remove references to credit ratings from Regulation M: “Even before the 2008 financial crisis, when wildly inflated credit ratings […]
Washington, D.C. – Dennis Kelleher, President and CEO, issued the following statement in connection with the release today of Better Markets’ Rap Sheet Report: “The Report we are releasing today shows that Wall Street’s biggest banks have racked another $1 billion in fines in 35 cases in just the last 15 months. This lawbreaking comes […]
WASHINGTON, D.C.— Better Markets President and CEO Dennis M. Kelleher issued the following statement on the release of a letter by more than 50 leading economists regarding the United Kingdom’s proposal to make “competitiveness” a greater focus in financial regulation: “Financial firms, their lobbyists, and political allies have used ‘competitiveness’ claims for decades as a […]
WASHINGTON, D.C.— Better Markets President and CEO Dennis M. Kelleher issued the following statement on the filing of Better Markets’ Comment Letter to the Commodity Futures Trading Commission (CFTC) in response to the agency’s request for comment on FTX’s proposal to offer non-intermediated, margined clearing of Bitcoin futures products: “FTX has filed an application with […]
WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the Senate’s confirmation of Dr. Lisa Cook to be a Governor of the Federal Reserve Board. “For too long, too many talented, experienced, and highly qualified Americans have been discriminated against and excluded from the corridors of power […]
WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement upon the Federal Reserve’s release today of its semi-annual report on supervision and regulation: “Wall Street’s biggest banks remain far too dangerous due to their ongoing failures of basic risk management as highlighted by the Federal Reserve’s semi-annual report on Supervision […]
WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the release of a proposal to overhaul the Community Reinvestment Act (CRA): “Few laws have more potential to meaningfully improve the lives and livelihoods of tens of millions of Americans than the Community Reinvestment Act (CRA). However, it […]
WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the Senate’s confirmation of Lael Brainard to be Vice Chair of the Federal Reserve Board. “Lael Brainard is a model public servant who has provided outstanding, dedicated and nonpartisan service to the country for many years. The Senate’s […]
WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy for Better Markets, released the following statement on the filing of a comment letter to the Federal Reserve Board on its proposed guidelines for Reserve Banks when assessing applications for Federal Reserve accounts and services: “Unfortunately, the Federal Reserve’s proposed guidelines around assessments of access request to Fed […]
Date: Wednesday, April 6, 2022 To: Interested Parties Subject: Information on Goldman Sachs’ Role in the Egregious 1MDB Global Crime Spree as the Trial of Former Goldman Sachs’ Partner Ng Goes to the Jury Event: Justice Dpt. prosecution of Goldman Sachs’ former partner goes to jury with a verdict expected this week. From: Evelyn Swan, […]
WASHINGTON, D.C.— Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement around today’s release of Better Markets report on the shadow banking sector: “Nonbank financial institutions that make up the largely unregulated shadow banking sector pose serious risks to the U.S. financial system that exacerbate the deterioration of financial stability in […]
A mildly amusing truism in football is that, often, “[n]o player is more popular on a team than the backup quarterback.” In other words, football fans (particularly of lousy teams) are almost constantly clamoring for something different, convinced that a new approach, as represented by a new quarterback, will solve whatever problems are plaguing the […]
WASHINGTON, D.C.— Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding Sen. Manchin’s reported opposition to Sarah Bloom Raskin for Vice Chair for Supervision at the Federal Reserve: “Sen. Manchin claims to have “carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements” and, based on that review, announced his opposition […]
WASHINGTON, D.C.— Better Markets’ President and CEO Dennis Kelleher highlighted the real threat to the Federal Reserve from Senate Republicans doing the bidding of the oil and gas industry in blocking a vote on Sarah Bloom Raskin’s nomination for Vice Chair for Supervision. Below are excerpts from the The Hill Op Ed, which can be […]
WASHINGTON, D.C.— Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement around today’s release of Better Markets Fact Sheet on Cryptocurrencies: “Over the last couple years, the size of the cryptocurrency industry has grown massively, as has the attention given to it from the public, financial markets and institutions, lawmakers, and […]
WASHINGTON, D.C.— Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding the Executive Order issued today by President Biden to ensure responsible innovation in digital assets: “As Justice Brandeis said, “sunlight is the best disinfectant” and lots of disinfectant is needed in the dark and unregulated crypto and digital asset space. […]
WASHINGTON, D.C.— Today, Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement on today’s action by the Federal Reserve to approve the acquisition of People’s United Bank by M&T Bank: “Today the Federal Reserve announced yet another late-Friday approval of a bank acquisition, which follows its late-Friday announcements of three bank […]
WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the filing of a Better Markets Comment Letter in response to the Basel Committee on Banking Supervision’s Consultative Document “Principles for the effective management and supervision of climate-related financial risks”. “Better Markets applauds the publication of these principles as an important step in […]
WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the filing of Better Markets comment letter to the Antitrust Division of the Department of Justice on their request for comment on enhancing the 1995 Bank Merger Competitive Review Guidelines. “Better Markets urges the DOJ and the banking regulatory agencies to work together […]
WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the filing of Better Markets’ comment letter on the Office of the Comptroller of the Currency (OCC)’s draft principles for climate-related financial risk management for large banks. “Better Markets applauds the OCC’s move to be the first U.S. banking regulatory agency to propose […]
FOR IMMEDIATE RELEASE Thursday, February 3, 2022 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, issued the following statement following the Senate Banking Committee hearing today on President Biden’s nominations of Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to serve on the Federal […]
FOR IMMEDIATE RELEASE Monday, January 31, 2022 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, issued the following statement in connection with the release of a Fact Check Memo detailing critics’ distortion of Sarah Bloom Raskin’s statements regarding climate, which align with Chair Powell, […]
FOR IMMEDIATE RELEASE Friday, January 14, 2022 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to President Biden’s nomination of Sarah Bloom Raskin, Lisa Cook and Philip N. Jefferson to serve on the Federal Reserve Board: “We applaud […]
FOR IMMEDIATE RELEASE Monday, January 10, 2022 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement in response to the announced resignation of Federal Reserve’s Vice Chair Clarida: “Federal Reserve Vice Chair Richard Clarida’s conduct in seeking to personally profit […]
FOR IMMEDIATE RELEASE Thursday, January 6, 2022 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Consumer Financial Protection Bureau on its proposal to require financial institutions to collect and report demographic and other data […]
FOR IMMEDIATE RELEASE Thursday, January 6, 2022 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement in connection with the New York Times story today about Federal Reserve’s Vice Chair Clarida’s amended trading disclosure: “The New York Times’ explosive story […]
For media inquiries, please contact [email protected] or 202-618-6433.
To sign up for our email newsletter, please visit this page.
"* (Required)" indicates required fields
please contact [email protected] or 202-618-6433.
Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.
