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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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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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 […]
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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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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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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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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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