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Category: Consumer Protection

Better Markets: No More Secret SIFMA Studies or Meetings

FOR IMMEDIATE RELEASE Monday, August 10, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets: No More Secret SIFMA Studies or Meetings​ **Click Here to Download: Fact Sheet: Don’t Fall for SIFMA’s Spin Campaign** Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the testimony of Ken Bentsen, Securities Industry […]

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Fact Sheet: Don’t Fall for SIFMA’s Spin Campaign

The Securities Industry and Financial Markets Association (SIFMA) – which boasts that it is the “voice of the U.S. securities industry, representing broker-dealers,” Wall Street banks, and others – has relentlessly worked to delay, derail, and kill the Department of Labor’s (DOL) proposed rule to require that the clients’ best interest be put first and […]

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How Millennials Are Paying a High Price As a Result of the 2008 Financial Crash

The New York Times’ recent op-ed, We’re Making Life Too Hard for Millennials, highlighted how “[t]he most educated generation in history is on track to becoming less prosperous, at least financially, than its predecessors,” in large part due to the lasting impacts of the 2008 financial crash. As Steve Rattner writes, “[t]hose who graduate in […]

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Better Markets Statement Following Filing Supporting the Department of Labor’s “Client’s Best Interest First” Fiduciary Duty Rule

FOR IMMEDIATE RELEASE  Thursday, July 23, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] **Fact Sheet Attached, click here to view the comment letter** Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the filing of a comment letter in support of the Department of Labor’s best interest rule to protect Americans […]

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FSI Tells Lawmakers Why DOL Fiduciary Plan Is U.N.W.O.R.K.A.B.L.E.

“The Financial Services Institute is circulating a fact sheet to lawmakers to help explain how the Department of Labor’s fiduciary redraft is “unworkable.” “FSI, noting that it has supported a uniform fiduciary standard, uses each letter in “unworkable” to explain the current redraft’s faults. “The document — which FSI says has been well received on […]

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Better Markets Statement on Industry Trade Group FSI’s Gimmick Attacking the DOL’s Proposed Rule to put the Client’s Interests First

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on the industry trade group Financial Services Institute’s (FSI) one-page gimmick attacking the Department of Labor’s best interest rule: “FSI’s members are made up of financial advisers, such as broker-dealers, who directly benefit from an outdated 40 year-old rule that allows them […]

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When Retirement Savings Are Unsafe

“The Department of Labor is about midway through a public comment period on its ‘fiduciary rule’ proposal to require financial advisers to act solely in their clients’ best interests when giving advice and selling investments for retirement accounts.” *** “Case in point: At a recent retirement-industry conference in Washington, Robert Reynolds, the chief executive of […]

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Dennis Kelleher’s Testimony Before House Committee on Education and the Workforce

Opening Statement Dennis M. Kelleher President and CEO Better Markets, Inc. United States House of Representatives Committee on Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions “Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families” June 17, 2015 Good morning Chairman Roe, Ranking Member Polis and members of […]

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Don’t Believe Putnam Investments CEO’s Claims about Acting in their Clients’ Best Interests; Believe Putnam’s SEC Filings that Contradict Putnam’s CEO

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement in response to Putnam Investment’s CEO Robert Reynolds’ attack today on the Department of Labor’s (DOL) best interest standard: “Today Putnam Investment’s CEO, Robert Reynolds, attacked the DOL rule that would simply require Putnam and other retirement advisors to put their clients’ […]

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Better Markets Statement on SIFMA’s Latest Attempt to Kill DOL’s Proposed Rule to End Conflicts of Interest and Put the Clients’ Best Interests First

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on SIFMA’s proposal released today purporting to be a “best interest” standard, but which is really little more than its latest attempt to kill DOL’s proposed fiduciary duty rule: “SIFMA, a Wall Street trade group, admits it is the ‘voice of the […]

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SEC’s Former IM Director Returns to Help Craft Fiduciary Rule

“The Securities and Exchange Commission announced Thursday that Andrew J. “Buddy” Donohue, former director of the agency’s Division of Investment Management, will rejoin the agency as its chief of staff to help craft its fiduciary rule. “Donohue replaces Lona Nallengara, who will leave the agency in June. As chief of staff, Donohue will be a […]

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Wall St watchdog says Labor Dept. broker rule ‘not the way to go’

“A U.S. Labor Department plan to reduce conflicts with brokers who offer retirement account advice drew criticism from the chief of Wall Street’s self-funded regulator on Wednesday, who said it would shift enforcement from regulators to investors. “The plan, unveiled in April, aims to ensure that brokers offering retirement account advice do not steer customers […]

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Better Markets Statement on DOJ’s Latest “Slap on the Wrist” Settlement Charade for Wall Street’s Too-Big-To-Fail Banks

If you ain’t jailed, you ain’t nailed Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to the Department of Justice’s criminal currency-rigging settlements with UBS AG, Citigroup, JPMorgan Chase, Barclays, and Royal Bank of Scotland: “DOJ’s settlement charade continues where it talks tough, but winks at Wall […]

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Years of Overlooked Red Flags Catch Up to Stockbroker

“In most professions, it would take only one or two acts of egregious conduct before troubled employees were shown the door. In the case of one stockbroker who has repeatedly had complaints from investors, it took 69 customer disputes filed over the last 13 years before he was barred from the business. “The stockbroker, Jerry A. Cicolani […]

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Employers must monitor 401(k) fees, Supreme Court rules

“In a move that could brighten retirement prospects for millions of Americans, the U.S. Supreme Court ruled that employers have a duty to keep watch over 401(k) plans to guard against high management fees that can erode retirement savings. “A unanimous high court said Monday that employers can be sued if they fail in their […]

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Seeing red over bank affiliates’ waivers

Money managers affiliated with banks admitting they violated U.S. securities, banking and other laws could find it hard to get the necessary permission from regulators to continue running the more than $1.3 trillion they oversee. *** That is a good sign, said Stephen Hall, a securities specialist with Better Markets, a non-partisan non-profit organization in […]

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Better Markets Statement on the Department of Labor Extending the Comment Period on the Rule Protecting Americans’ Retirement Security

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on the Department of Labor’s extension of the comment period on the proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement advice: “Although there was already ample time provided to comment on the rule, […]

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Democrats raise the roof over mortgages

US lawmakers are returning to battle over lax mortgage lending as Democrats and their allies say Republicans want to let banks go back to the loose loan standards at the heart of the financial crisis. *** Dennis Kelleher, chief executive of Better Markets, a non-profit group critical of Wall Street, said Mr Shelby was trying […]

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What the Labor Dept’s Fiduciary Proposal Means for Banks

“The financial industry and the White House are gearing up for a fresh battle this spring over investment advice for retirement savings. “The Department of Labor issued a draft proposal earlier this month that would require financial advisers to provide retirement savings advice that is in a customer’s “best interest” in an effort to minimize […]

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SEC Chair agrees that DOL has a separate and important mission to protect retirement savers with a fiduciary duty rule to put investors’ best interests first

On Tuesday, April 14th, the DOL proposed a rule  to require all retirement investment advisers to act in their clients’ best interest, not put their own economic interests first.  That long overdue reform will save Americans at least $17 billion in retirement funds every year. That means more than $17 billion every year would stay […]

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DOL Releases Fiduciary Plan

The Department of Labor issued for public comment Tuesday the long-anticipated controversial redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act. *** Dennis Kelleher, CEO of Better Markets, applauded DOL’s release of its fiduciary plan. “Today is a day Wall Street hoped would never come: the American […]

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Battle looms over retirement advisor conflict-of-interest rule

A newly proposed rule to ban retirement planners from creating conflicts of interest with their customers might appear to put an end the years-long policy fight over the issue. *** “This is going to be the biggest battle since Dodd-Frank, hands down,” said Dennis Kelleher, chief executive of financial reform advocacy group Better Markets Inc., […]

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Save Our Retirement Coalition, 41 Major Groups Applaud Public Release of Dept. of Labor’s Proposal to Protect Americans’ Retirement Savings

In Significant Victory for Consumers, Long-Awaited Department of Labor Rule Issued for Public Comment FOR IMMEDIATE RELEASE Tuesday, April 14, 2015 Contact: Jeff Gohringer, Better Markets, (202) 618-6430 or [email protected] April 14, 2015, Washington, D.C. – Members of the SaveOurRetirement.org coalition and a diverse collection of public interest groups, civil rights leaders, labor unions, professional […]

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Save Our Retirement Coalition Statement Following Review of Rule Protecting Americans’ Retirement Savings

April 16, 2015, Washington, D.C. – The seven members of the SaveOurRetirement.org coalition – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Consumer Federation of America and Pension Rights Center – released this statement following an initial review of the Department of Labor’s (DOL) proposed rule protecting Americans from harmful conflicts of interest when […]

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The Day Wall Street Hoped Would Never Come: Better Markets’ Statement on Release of DOL’s Rule Ending Conflicts of Interests & Protecting Americans’ Retirement Savings

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following the release of the Department of Labor’s proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement investment advice: “Today is a day Wall Street hoped would never come: the American people get to […]

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How to Regulate Asset Managers? There’s No Easy Answer

WASHINGTON — If the Financial Stability Oversight Council was hoping for any kind of consensus on whether and how it should regulate asset management companies, the feedback it has received on its request for comment is likely disappointing. *** Better Markets agreed with the asset management industry that any designation would have to be “extensive, […]

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Successful Investing for the Long Haul

For more than a month now, the White House has been vetting a proposal by the Labor Department that would require financial advisers to act solely in the interests of clients when giving advice on retirement accounts. The White House should move the process forward without further delay. Its own research has shown that biased advice costs retirement investors […]

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Small investors blame losses on brokers they once trusted

NEW YORK (AP) — Susan Bernardo trusted her stockbroker. She wound up losing a fortune. Her broker, David Harris, advised her to sell $400,000 worth of relatively safe municipal bonds, she says, and sink the proceeds into real estate and energy partnerships in hopes of earning more income. She had received the cash from a […]

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Can Wall Street Kill a Fiduciary Rule?

For some time now, SIFMA, the self-described “voice of the U.S. securities industry,” has been loudly proclaiming its support for a fiduciary standard for brokers while working overtime to kill Department of Labor (DOL) rulemaking to achieve that result. *** Read the full Huffington Post article by Barbara Roper here.

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Warren Buffett’s mobile home empire preys on the poor

Denise Pitts walked into the pawn shop not far from where she bought her mobile home in Knoxville, Tennessee, and offered up her wedding rings for $100. Her marriage wasn’t over, but her husband was battling cancer and, Pitts said, her mortgage company told her the only way to keep a roof over his head […]

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Investor Help List — Staying Informed and Knowing Where to Go for Help

NEW YORK (MainStreet) — Today’s investors may feel overwhelmed by the abundance of information available, not all of it trustworthy. If you’re looking for reliable information or think you’ve been ripped off, here are some sources that can help: Better Markets is a nonprofit group that lobbies on behalf of the average person. Its president […]

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SEC’s White Supports Fiduciary Rule for Brokers, Third-Party Audits

While many in the industry are applauding Securities and Exchange Commission Chairwoman Mary Jo White’s recent declaration that she will push to ensure the agency extends a fiduciary rule for brokers, concerns remain that such a rule will be a long time in the making—and may not even happen at all. *** Dennis Kelleher, president […]

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Better Markets Statement on SEC Chair White’s Comments on the Clients’ Best Interests Fiduciary Standard

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following Securities and Exchange Commission (SEC) Chair Mary Jo White’s comments in support of the agency advancing a fiduciary standard for brokers providing securities investment advice: “We applaud SEC Chair Mary Jo White’s public acknowledgment that the SEC and DOL have different […]

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Wall Street wants big profits, ‘good enough’ advice

On one side: government and consumer groups that want investment advisers held to a higher standard designed to benefit clients. On the other side: Wall Street firms eager to sustain there cherished “good enough” standard of investing advice that has driven the gravy train of commissions for so many stock brokers. Often at their clients’ […]

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Save our Retirement Statement Ahead of Senate Aging Committee Hearing on Retirement Security

FOR IMMEDIATE RELEASE Thursday, March 12, 2015 Contact: Jeff Gohringer, Better Markets, 202-618-6430 or [email protected] Dave Nathan or Josh Rosenblum, AARP, (202) 434-2560, [email protected] Amaya Smith, AFL-CIO, (202) 637-5018, [email protected] Cheryl Kelly, AFSCME, (202-429-1136), [email protected] Jim Lardner, Americans for Financial Reform, (202) 466-3311, [email protected] Barbara Roper, Consumer Federation of America, (719) 543-9468, [email protected] Nancy Hwa, […]

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Successful Investing for the Long Haul

For more than a month now, the White House has been vetting a proposal by the Labor Department that would require financial advisers to act solely in the interests of clients when giving advice on retirement accounts. The White House should move the process forward without further delay. Its own research has shown that biased advice costs retirement investors […]

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Think Advisor: GOP Lawmakers: DOL Should Wait Its Turn on Fiduciary

“The Securities and Exchange Commission, not the Department of Labor, should lead the way on fiduciary rulemaking for BDs, two Republican lawmakers said in a letter Tuesday. “The chairmen of the House and Senate Appropriations Subcommittees on Financial Services and General Government told Shaun Donovan, director of the Office of Management and Budget, in a […]

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Reuters: Obama struggles with Wall Street to woo Democrats over broker rules

“(Reuters) – The Obama administration is battling Wall Street to win the support of dozens of Democrat lawmakers over rules that could rein in brokers who handle trillions of dollars in retirement accounts. “President Barack Obama on Monday called on the Department of Labor to write new rules for brokers that seek to reduce conflicts of interest and […]

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