The Republicans have been quick and shameless in using their control of both houses to try to crank up the financial services pork machine into overtime operation. The Democrats at least try to meter out their give-aways over time. Their plan, as outlined in an important post by Simon Johnson, is to take apart Dodd […]
“Financial reform advocacy groups today are defending the White House’s proposed tax on big banks after top Republicans in Congress said it would hurt consumers. “The President’s proposed fee on the largest banks’ liabilities is tiny, targeted and will not affect consumers, savings, lending, growth or jobs,” Better Markets President Dennis Kelleher said in a […]
Washington, D.C., January 20, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today regarding the President’s proposal to impose a tiny fee on the nation’s handful of largest banks: “The President’s proposed fee on the largest banks’ liabilities is tiny, targeted and will not affect consumers, savings, lending, growth or […]
Tucked into the new federal spending bill that passed this week was a provision to loosen banking regulations on hedges known as derivatives or swaps, rolling back part of the Dodd-Frank Act that was enacted after the financial crisis. Dennis Kelleher of Better Markets and Mark Calabria of the Cato Institute join Hari Sreenivasan for […]
“WASHINGTON (AP) — The House moved Tuesday toward approving a measure aimed at softening legislation responding to the 2008 financial crisis that put banks and Wall Street under the most sweeping rules since the Great Depression. “Amid a veto threat from the White House, the legislation pushed by the newly bulked-up Republican majority came under […]
“The banks have fought their war against financial reform on four fronts. “They have pushed for delays, lobbied allies in Congress to repeal aspects of Dodd-Frank, worked over regulators to make the rules as loose as possible and threatened legal challenges and filed lawsuits. “The battle has been overwhelming, with a scrappy band of pro-reform rebels outnumbered […]
Washington, D.C., January 13, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today in advance of more votes this week in the House of Representatives that put Wall Street’s bonuses and deregulation above all other issues: “Just one week after being sworn into office, the House of Representatives is […]
Just weeks after receiving a green light to once again trade high-risk derivatives with taxpayer support in the 2014 Omnibus, Wall Street and their allies are seeking to carve another loophole in Dodd-Frank. This time they are seeking an additional two years to come into compliance with key provisions of the Volcker Rule, a move […]
“On January 7, 2015, Day 2 of the new Congress, the House Republicans put their cards on the table with regard to the 2010 Dodd-Frank financial reforms. The Republicans will chip away along all possible dimensions, using a combination of legislation and pressure on regulators – with the ultimate goal of relaxing the restrictions that […]
“WASHINGTON — After stuffing Wall Street’s stockings in December with subsidies for risky trading, the House of Representatives plans to wish big banks a happy New Year on Wednesday by hacking up and delaying the Volcker Rule. “The Volcker Rule is a key reform adopted after the 2008 financial meltdown that bans banks from gambling in securities […]
Dennis Kelleher appeared on American Public Media’s “Marketplace” on August 7, 2014 to discuss the recent bank settlements and the rejection of the big banks’ resolution plans by the federal regulators at the FDIC and the Fed. Listen to the segment here.
“The banks may now press to hold onto investments in some of their funds until 2022, since Dodd-Frank envisions an extra five-year extension for funds that are “illiquid,” the financial term for something that is hard to sell quickly.” “Consumer advocates are disappointed with the delay until 2017. They said that they did not accept […]
“The Volcker rule ensures that financial institutions don’t engage in something called proprietary trading, which is when a bank trades for its own benefit as opposed to for the benefit of its customers. Banks were supposed to comply with the Volcker rule by July 21, 2014. Last year, when banking watchdogs finalized the rule, the […]
“On Friday, the Federal Reserve delayed by two years compliance with the Volcker rule, the prohibition on banks’ proprietary trading—deals made to profit the bank instead of their clients. The postponement removes a key argument of those people who dismissed Congress’ Christmas gift last week to Wall Street, the elimination of Dodd-Frank Section 716.” “Section […]
President and CEO Dennis Kelleher, of Better Markets, on derivatives and international implications of the swaps push out provision in the CRomnibus spending bill. CJOB 680 – Greg Mackling – Dec. 17th, 2014 Listen here!
“The Federal Reserve extended by two years the time that big banks have to comply with a new rule that requires them to dispose of investments in hedge funds, private equity firms and other risky operations.” “The provision is part of the so-called Volcker Rule, embedded in the 2010 Dodd-Frank banking reform law and designed […]
“Christmas came early for Wall Street this year. The Federal Reserve on Thursday granted banks an extra year to comply with a key provision of the Volcker Rule, a move that gives financial lobbyists more time to kill the new regulation before it goes into effect. “The Volcker Rule is a key element of the […]
Washington, D.C., December 18, 2014 – Dennis Kelleher, President and CEO of Better Markets, made the following statement today on the Federal Reserve Board’s latest extension for Wall Street’s biggest banks to comply with the financial reform law: “The refusal or inability of Wall Street’s biggest too big to fail banks to comply with the financial reform law is […]
“Section 716 of the Dodd-Frank financial reform act requires that some derivative transactions be “pushed-out” from those part of banks that have deposit insurance (run by the Federal Deposit Insurance Corporation) and other forms of backstop (provided by the Federal Reserve). This is a sensible provision that, if properly implemented, would help keep our financial […]
“As Washington was betraying regular Americans in favor of big banks, Elizabeth Warren took to the Senate floor last week to ask, “Who does Congress work for?” She probably should have included President Obama in her question. “Warren (D., Mass.) was talking about a bank-authored spending bill amendment that constituted one of the most […]
MSNBC The Reid Report: Showdown Mounts Over CRomnibus Bill All eyes are on the Senate after the House passed the $1.1 trillion spending bill. Joy Reid discusses the situation with Rep. Maxine Waters, D-Calif., and Dennis Kelleher, president of the pro-regulation group Better Markets. Watch the segment here. PBS Newshour: Is the 2015 spending bill a gift […]
“Congress is poised to enact the first significant rollback of the sweeping 2010 overhaul of financial regulations by including in a government spending bill a provision that eases bank trading of complex derivatives. “The provision sparked controversy as lawmakers prepared to vote on the $1.1-trillion package that must pass before a Thursday night deadline to […]
“At the heart of the impasse in Congress over a must-pass spending bill is a provision involving the sorts of high-risk investments that ignited the 2008 financial crisis. “The dispute occurred after Republicans inserted into the bill a provision to relax the regulation of investments known as derivatives. Democrats, led by their House leader, Nancy […]
“Congress has agreed to use federal deposit insurance, which was designed to protect the savings accounts of consumers, to cover risky trading by the nation’s biggest banks. “In a small provision in the budget bill, Congress agreed to allow banks to house their trading of swaps and derivatives alongside customer deposits, which are insured by […]
“The government agency that watches over Wall Street came in for repeated rounds of criticism on Friday at a Senate hearing into its regulatory track record. “Many of the senators at the hearing were expected to be critical of the Federal Reserve Bank of New York, after recent reports cast doubt on the agency’s ability […]
Dennis Kelleher, chief executive officer of Better Markets, talked about the Federal Reserve’s implementation of a broad internal review of its bank supervisory procedures with Betty Liu on Bloomberg Television’s “In the Loop.”Watch the video here
Washington, D.C., December 10, 2014 – Dennis Kelleher, President and CEO of Better Markets, made the following statement today on the repeal of a key Dodd Frank financial reform provision in the “CRomnibus” budget agreement: “The sneaky, midnight repeal of a key provision of the Dodd Frank financial reform law in the budget agreement is […]
Washington, D.C., November 21, 2014 – Dennis Kelleher, President and CEO of Better Markets, made the following statement today in response to the testimony of the President of the Federal Reserve Bank of New York before a Senate Banking Subcommittee. “The Federal Reserve Bank of New York is a secretive regulator that has repeatedly failed to do its job […]
Washington, D.C., November 19, 2014 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today in response to a bill filed by Senator Jack Reed (D-RI) that calls for the President of the Federal Reserve Bank of New York to be nominated by the President and confirmed by the Senate: “No […]
“Sen. Elizabeth Warren’s new spot on the Democratic leadership team has supporters cheering, but it remains to be seen how the role will impact her work on banking issues. “The Massachusetts Democrat was already a progressive star when she came to Congress just two years ago, and she’s continued to be a vocal advocate for […]
On Wednesday November 5th, 2014, Better Markets and GW Law School C-LEAF hosted an event to discuss whether or not the Dodd-Frank Act has ended the threat posed to our financial system by the too-big-to fail banks. At this conference current and former policy makers addressed regulators’ progress in developing a framework that would allow large financial […]
“U.S. Rep. Shelley Moore Capito wants West Virginians to know she’s a defender of community banks. From her seat on the House Financial Services Committee, Capito argues, she has protected small local financial institutions from the overreach of aggressive regulators. “Among her biggest supporters, however, are the biggest banks in the world. “Capito, a Republican, is running for […]
“At the Justice Department, senior officials like to congratulate themselves on the headline-making, big bucks settlements they have imposed upon banks and lenders for their part in causing the 2008 mortgage meltdown that sparked the biggest American financial crisis since the Great Depression.” “But wait a moment. Those settlement figures are not quite what they […]
Dennis Kelleher The handful of the biggest too big to fail banks — that still threaten the US financial system, economy and taxpayers due to their size, interconnectedness, lack of equity and high risk trading activities — are reporting third quarter earnings this week. Based on the early reports from JP Morgan Chase, Citigroup and Wells Fargo, those banks […]
“The Federal Reserve was aware of risky practices at JPMorgan Chase as early as 2008 but failed to follow up for more than three years until those risks had snowballed into the company’s $6.2 billion London Whale scandal, according to a new report from the central bank’s Office of Inspector General. “Financial reform advocates’ response to this […]
SAN FRANCISCO (MarketWatch) — It was probably the most important public policy discussion since the financial crisis. Too bad the most important participant, you, weren’t invited. That’s right. After U.S. taxpayers bailed out Wall Street, the New York Federal Reserve Bank on Monday hosted a series of panel discussions on culture and ethics. Yes, you had to […]
“After reporting apparently better than expected earnings this morning, Goldman Sachs Group Inc (NYSE:GS), the most prestigious investment bank in the world, is getting hit hard in early morning trading, down nearly 1.86 percent on the day at the same time the S&P 500 was close to break even. The stock had been down nearly […]
JPMorgan Chase has a problem: It’s taking in money faster than it can lend it out. As long as this trend continues, the biggest bank in America by assets will drift further away from a commercial bank’s core social and economic role of lending. Read the entire article here:
“Wells Fargo, Citigroup and JP Morgan Chase all reported earnings Tuesday morning. The results were more or less what analysts expected, with two banks barely beating expectations, and JP Morgan Chase barely missing. But all three are profitable, with gains in the single-digit billions of dollars for the quarter.” *** “A less profitable Citigroup, but a […]
WASHINGTON—Global regulators are preparing to impose new restrictions on banks, asset managers and others who use swaps to help hedge risks and speculate on market moves. The Federal Reserve and banking authorities around the world are developing new rules that would prevent banks from entering into swaps agreements with certain customers unless their contracts include […]
Better Markets President Dennis Kelleher joined Bloomberg TV’s Betty Liu to discuss the lack of capital held by Wall Street’s biggest banks, and the failure of the banks to pass meaningful ‘stress tests’ in order to protect U.S. taxpayers from a future bailout. Watch the entire interview here:
“Six years ago, the $700 trillion derivatives market helped turn Lehman Brothers’ collapse into a full-blown global financial crisis. “But this weekend, regulators and large banks expect to agree on a change to derivatives that is intended to contain the damage caused by the crash of a large bank, several people briefed on the negotiations said. […]
Last week’s revelations about the supervisory practices of the New York Federal Reserve Bank raise a host of important questions: Who is the key stakeholder (and decision-maker) at the NY Fed? Is it the team of in-house experts on bank regulation who ostensibly work for the public, or is it the group of Wall Street’s too-big-to-fail […]
U.S. Senator Elizabeth Warren called for congressional hearings into allegations that the Federal Reserve Bank of New York has been too deferential to the firms it regulates. A radio program about the regional Fed bank raised “disturbing issues” and “it’s our job to make sure our financial regulators are doing their jobs,” Warren, a Massachusetts Democrat and member of […]
By Ryan Tracy One month before he assumed the No. 2 post at the Federal Deposit Insurance Corp., Thomas Hoenig sat before a group of global bankers in Tokyo and told them he believed their firms ought to be broken apart. “Holy mackerel,” a U.S. bank lobbyist who was in the audience that day in […]
Washington, D.C., September 15, 2014 – Adding insult to America’s economic injury, the Republican House Leadership, as early as this evening, could hand a gift to Wall Street by voting on yet another deregulation bill on the 6th Anniversary of the collapse of Lehman Brothers, said Better Markets. Today’s vote will likely include several controversial […]
“Today’s Bank of America settlement with the federal government is a record. The nearly $17 billion deal resolves an investigation into allegations the bank misled purchasers of mortgage-backed securities before the 2008 financial crisis. The settlement is the largest ever reached between the government and a U.S. company. “Until now the biggest bank deal involved […]
“The Federal Reserve is pushing the biggest U.S. banks to shrink so that they’re less of a risk to the financial system. “In testimony at a Senate hearing Tuesday, Fed Gov. Daniel Tarullo highlighted several proposals that regulators are working on. They include imposing additional capital requirements for the eight largest banks — including JPMorgan […]
Federal regulators announced on Wednesday an overhaul of a murky Wall Street market that gained infamy during the financial crisis of 2008. The Federal Reserve and the Office of the Comptroller of the Currency, as well as three other agencies, proposed a rule that would apply to over-the-counter derivatives, the financial instruments that banks and other financial entities […]
Robert Jenkins, a Senior Fellow with Better Markets, gave an extensive interview in 2013 on the challenges international regulators face in strengthening laws governing the global financial system in order to prevent another crisis similar to the one in 2008 that devastated the economies in the U.S., Europe and Asia. Jenkins’ interview appeared in the […]
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