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Category: Banking

The Federal Reserve’s Stress Tests Are Too Stress-less When All Too-Big-To-Fails Banks Always Pass, Even at a Time of Extreme Stress Like Now

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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FDIC Takes Important Step Towards Managing Climate-Related Financial Risks

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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FDIC Must Work with the Other Banking Agencies to Strengthen the Insufficient Bank Merger Review Process

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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SEC Must Do More To Reform the Corrupt, Conflict-Ridden Credit Ratings Process Before It Fuels Another Crisis and Crash

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 […]

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As the UK Proposes to Repeat Its Deregulatory Mistakes of the Past, More Than 50 Leading Economists Sound the Alarm to Prevent Another Race to the Regulatory Bottom and Crash

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 […]

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The Ongoing Crypto Carnage and Wealth Destruction Are Red Flags for the CFTC Regarding FTX’s Application for Auto-Liquidation of Retail Customers Bitcoin Futures Margin Accounts

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 […]

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The Historic Confirmation of Dr. Lisa Cook Today to be Governor of the Federal Reserve Board Is Long Overdue and Cause for Celebration

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 […]

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Today’s Federal Reserve Report Shows That the Fed Continues to Fail to Oversee Wall Street’s Largest Banks, Which Continue to Fail Their Basic Risk Management Obligations

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 […]

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