Below is the opening of our monthly newsletter. View the full newsletter online here. Summer is in full swing and activities in Washington, DC are heating up—on the Hill, at the financial regulatory agencies, and throughout the Administration. One area that’s hot is the Trump administration’s ongoing attacks on diversity, equity and inclusion, but the […]
A GREAT RESULT: A federal district court has flatly rejected an attempt by the Consumer Financial Protection Bureau (“CFPB”), in league with a Chicago-based mortgage lender, to unwind a settled enforcement action that alleged race discrimination targeting prospective borrowers. CFPB v. Townstone Financial, Inc., Case No. 1:20-cv-04176 (N.D. Ill.). The CFPB brought this enforcement action […]
Congress has been busy in June as the House and Senate majorities work towards a reconciliation bill that slashes consumer protections and move through deregulatory nominations. The Senate also voted on a deeply flawed, industry-favored “un”stablecoin bill. Senate Advances Deregulatory Financial Regulators On June 4th, the Senate voted to confirm Michelle Bowman as Vice Chair […]
Below is the opening of our monthly newsletter. View the full newsletter online here. This month, the financial regulatory agencies seemed determined to outdo one another in in enacting dangerous deregulation (tracked by agency here). If the country hadn’t just suffered through the horrific 2008 crash, this would be irresponsible; given that the country is still […]
As we explained in last month’s legal newsletter, the federal courts have been inundated with lawsuits challenging a wide range of actions by the Trump Administration, including its attacks on everything from universities and media outlets to civil rights and immigrants. They are all important cases, but Better Markets remains focused on litigation involving financial […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hard to believe, but President Trump has now been in office for 100 days. Yes, just 100 days – seems like much longer! The tariffs, the Trade War, immigration, and eliminating consumer protection by dismantling the Consumer Financial Protection Bureau (CFPB) have been getting all the […]
While Congress spent two weeks of April back home for the Easter and Passover holidays, it was still a busy month on Capitol Hill as Members of Congress worked to move along financial regulator nominations, dangerous pro-crypto legislation, and a deregulatory banking agenda. House Committees Continue to Push Dangerous Pro-Crypto Legislation On April 2nd, House […]
The Shifting Role of the Federal Courts: Now More Than Ever, They Serve as a Critical Check on Lawless Attacks on Agencies The federal courts have long played an important role in financial regulation. Until recently, their focus has largely been on resolving industry challenges to agency rules or adjudicating enforcement actions. Times have changed, […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, There is no doubt that this is an extremely tumultuous and dangerous time. The Trump administration and special interests are trying to remove financial protection rules that make a real difference in the lives of Main Street Americans, and […]
BETTER MARKETS FILES BRIEF IN SUPPORT OF SEC’S RULE LIMITING FEES THAT EXCHANGES CAN CHARGE TO INVESTORS – CBOE v. SEC, No. 24-1350 (D.C. Cir.). Earlier this month, Better Markets filed an amicus brief supporting the Securities and Exchange Commission in yet another industry challenge to an important SEC rule, which reduces the pricing increments for stock […]
March was a busy month on Capitol Hill as lawmakers continued to push forward dangerous legislation covering un-stablecoins, held hearings covering the CFTC and important nominations, and responded to the lawless firings of independent commissioners at the FTC. Un-Stablecoin Legislation Continues to Move Through Congress On March 11th, House Financial Services Committee held a hearing […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, Even though February is the shortest month of the year, Better Markets has been hard at work on actions that make a real difference in the lives of Main Street Americans. Every American depends on basic financial products and […]
February is always a busy month at the start of a new Congress, and this February was no different: Committees continue to hold hearings to move their priorities forward and lawmakers eagerly bring forward legislation to deliver on campaign promises. This month was even more hectic as lawmakers also had to push back against the […]
STATE OF UTAH V. MICONE, NO. 2:23-CV-00016 – FEDERAL COURT UPHOLDS DEPARTMENT OF LABOR’S “ESG” RULE, WHICH MANY INVESTORS VALUE. On February 14, U.S. District Judge Matthew J. Kacsmaryk upheld, for a second time, a pro-investor Department of Labor (DOL) rule. The rule allowed those selecting retirement plan options for retirement savers to the consider […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, For many of us, the beginning of 2025 has been deeply troubling if not traumatic. President Trump claimed the results of the 2024 presidential election was a repudiation of the status quo and that he was elected by a multi-racial […]
It has been a busy month on Capitol Hill as the new Congress was sworn in and has been working to organize the Committee Membership and holding nomination hearings on President Trump’s cabinet picks. Scott Bessent Nomination for Treasury Secretary Hearing On Thursday, January 16th, the Senate Finance Committee held their nomination hearing for Scott […]
PROTECTIONS FOR MILLIONS OF AMERICANS AGAINST FRAUD AND ABUSE IN THE CRYPTO MARKETS ARE ON THE LINE IN THE RIPPLE CASE. SEC v. Ripple Labs, Inc., No. 24-648(L) (2d Cir.) On January 22, 2025, Better Markets filed an amicus brief in support of the SEC’s effort to close a massive loophole in the securities laws, […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, While it’s 2025, many are still talking about the elections of 2024. Some (including James Carville on January 2nd) are shocked that an economy that doesn’t work for most Americans was a key driver for voters. We were not surprised. There […]
Members on Capitol Hill wrapped up the 118th Congress by narrowly avoiding a government shut down before the holidays and opened up 2025 with the swearing in of the new Congress. December also saw Committees in the House and Senate finish any final business before new Committee leadership takes place in the 119th Congress. Senate […]
FIFTH CIRCUIT DELIVERS A BLOW AGAINST TRANSPARENCY IN CORPORATE BOARDS. Alliance for Fair Board Recruitment v. SEC, No. 21-60626 (5th Cir.) (decided Dec. 11, 2024). In a 9-8 decision, the conservative majority of the entire Fifth Circuit overturned the SEC’s approval of Nasdaq’s board diversity disclosure requirements. Those rules would have required any company that […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, While the debates over the 2024 election will continue for some time, it is clearly another reminder that the economy doesn’t work for most Americans. While no single issue explains all things, there is no doubt that the economy was […]
Hill Update – November 2024 With the November elections behind us, Congress returned to Capitol Hill with a number of priorities to work on throughout the lame duck session. In addition, work is already being done to prepare for the 119th Congress starting in January, with Committee leadership changing hands in both the House, with […]
REPUBLICAN ATTORNEYS GENERAL SIDE WITH THE CRYPTO INDUSTRY BY CHALLENING THE SEC’S AUTHORITY OVER CRYPTO TRADING: Kentucky v. SEC, No. 3:24cv69 (E.D. Ky) (filed 11-14-24) The crypto industry has some new allies in court. On November 14, 2024, a group of 18 Republican attorneys general filed a lawsuit in federal court in the Eastern District […]
Below is the opening of our monthly newsletter. View the full newsletter online here. On Halloween, while most people are thinking about ghosts and ghouls, at Better Markets we’re thinking about something much scarier: the future of our economy—and the financial system that impacts every part of our lives. As we head into 2025, the […]
NEW INDUSTRY ATTACKS ON CFPB FUNDING MECHANISM MEET RESISTANCE EVEN IN TEXAS: State of Texas v. Colony Ridge, Inc., et al, No. 4:24-cv-00941 (S.D. Tex) – CFPB v. ACTIVE Network, LLC, No. 4:22-cv-00898 (E.D. Tex.) Following the Supreme Court’s recent affirmation of the Consumer Financial Protection Bureau’s (CFPB) constitutionality, some conservative critics have sought to […]
Below is the opening of our monthly newsletter. View the full newsletter online here. As you likely know, our Co-Founder and President, Dennis Kelleher, has been an outspoken advocate for prioritizing and protecting investors, consumers, markets, and financial stability when it comes to the crypto industry, enforcement, and policy. In addition to the grave threat […]
September is always a busy month on Capitol Hill, with lawmakers returning to Washington after the August recess. In an election year, it is even more busy as Members of Congress look to get back to their states and districts to campaign before the November election. This September was no different, with Committees holding important […]
DISTRICT COURT NULLIFIES CFTC’S EFFORT TO PROTECT OUR DEMOCRACY FROM ELECTION GAMBLING: KalshiEx LLC v. CFTC, No. 1:23cv3257 (D.D.C.); KalshiEx LLC v. CFTC, No. 24-5202 (D.C. Cir.). Last year, an exchange known as KalshiEX LLC attempted to offer an “event contract” that would allow speculators to gamble up to $100 million on the outcome of […]
Welcome back! We hope you got some well-deserved rest during August and over the Labor Day weekend. Lots happened during that time that we didn’t want you to miss so here are some highlights: Betting the House If you’ve been following this year’s tumultuous election, you’ve already seen gambling infiltrate our political conversation. Better Markets rallied dozens […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Summer is often a slow time in Washington. Not this year! As the headlines make clear, there’s tons of dramatic and consequential political news. But there’s also lots of economic and financial news below those headlines that directly impact the lives […]
August is typically a slow month in DC and on Capitol Hill, as Members return to their districts and on the campaign trail. While there were no Committee hearings this month, lawmakers still played a role in the regulatory process through letter writing, to both agencies and companies. Senators and Representatives Weigh in on Election […]
U.S. SUPREME COURT TEARS AWAY AT THE ABILITY OF AGENCIES TO PROTECT THE PUBLIC. The Supreme Court ended its 2023-2024 term with three decisions that will undermine, for years to come, the ability of the government’s regulatory agencies to protect the public from a wide range of threats to their health, safety, welfare, and financial […]
Below is the opening of our monthly newsletter. View the full newsletter online here. As this unprecedented presidential campaign heats up, it can be easy to fall into the trap of believing that policy, politics and governing have become so divisive and partisan that no one ever agrees on anything. That’s one reason I was […]
July is a busy month on Capitol Hill as lawmakers try to finish a number of priorities before both chambers of Congress go on the annual August recess. Lawmakers held hearings on a wide range of topics and worked to advance important nominees at banking agencies, the administration, and the SEC. Fed Chair Powell Testifies […]
The Supreme Court marked the end of its 2023-2024 term with a series of three exceptionally damaging decisions that will undermine, for years to come, the ability of regulatory agencies to protect the public from a wide range of threats to their health, safety, and financial well-being. As more agency rules succumb to judicial review […]
Below is the opening of our monthly newsletter. View the full newsletter online here. We continue to see the structural inequalities embedded in our economic system, particularly the racial inequalities that have gone on for far too long and are too well-known by many of our neighbors and friends. There is no question that the […]
June was another busy month on Capitol Hill. Congress continued their work on the year end spending bill, held a number of important hearings, and is starting the process on high level nominations. Senate Budget Committee Holds Hearing on Climate Change and Insurance Risk On June 5th, the Senate Budget Committee held a hearing entitled […]
FIFTH CIRCUIT STRIKES DOWN SEC’S PRIVATE FUNDS RULE – National Association of Private Fund Managers v. SEC, No. 23-60471 (5th Cir.) (June 5, 2024). On June 05, 2024, the Fifth Circuit U.S. Court of Appeals delivered a major blow against fairness and transparency by nullifying the SEC’s Private Funds Rule. As we detailed in our […]
Below is the opening of our monthly newsletter. View the full newsletter online here. The unfortunate reality is that money talks in Washington. Too often special interests hijack the conversation and policy through influence peddling via endless lobbying, campaign contributions, propaganda, and the revolving door (where former officials sell out their prior public service to […]
SUPREME COURT UPHOLDS THE CONSTITUTIONALITY OF THE CFPB’S INDEPENDENT FUNDING STRUCTURE – Consumer Financial Protection Bureau v. Community Financial Services Association of America, No. 22-448 (May 16, 2024) – On May 16, 2024, in a highly anticipated decision, the Supreme Court issued a 7-2 ruling rejecting the latest assault on the CFPB, this time from […]
May was a busy month on Capitol Hill. Banking regulators testified during their semi-annual oversight hearings and crypto legislation was on the floor in the House and Senate. Banking Regulators Testify on Capitol Hill On May 15th and 16th the Fed’s Vice Chair of Supervision, Michael Barr, the Chairman of the FDIC, Martin Gruenberg, and […]
Below is the opening of our monthly newsletter. View the full newsletter online here. The economic and financial decks are stacked against most Americans, no matter how hard they try or how hard they work. That is largely because the already wealthy have a stranglehold on the economy via a financial system that too often […]
Judge denies crypto firm Coinbase’s bid to dismiss SEC suit, joining a growing list of federal judges holding that cryptocurrency tokens are subject to the protections of the securities laws (SEC v. COINBASE, INC., No. 1:23-cv-04738-KPF (Mar. 27, 2024) (S.D.N.Y.)) On March 27, in another significant victory for the SEC, Judge Katherine Polk Failla rejected […]
Congress was only in session for two weeks in April with Easter and Passover holiday recesses, but there were still a number of important hearings covering crypto, climate, and forced arbitration. Lawmakers also reacted to an important rule from the DOL. Treasury Deputy Secretary Testifies on Danger of Crypto On April 9th, Deputy Secretary of […]
Below is the opening of our monthly newsletter. View the full newsletter online here. A year ago this month, Silicon Valley Bank failed and shortly after, Signature Bank and First Republic Bank followed, causing a banking crisis. These were three of the four largest bank failures in U.S. history and they are going to […]
CHAMBER OF COMMERCE FILES LAWSUIT TO NULLIFY CFPB’S NEW CREDIT CARD PENALTY FEE RULE THAT WILL SAVES AMERICANS’ BILLIONS OF DOLLARS– U.S. CHAMBER OF COMMERCE V. CFPB, NO. 4:24-CV-00213-Y (N.D. TEX., MAR. 07, 2024) In the latest attack on the Biden Administration’s efforts to curtail unfair junk fees, the U.S. Chamber of Commerce and several […]
A number of high-profile Congressional hearings, the State of the Union, and government funding deadlines made March another busy month on Capitol Hill. Fed Chair Jay Powell delivered his semi-annual report to Congress and Members of Congress responded to important updates in the regulatory agencies. Fed’s Semi-Annual Report to Congress On March 6th and 7th, […]
Below is the opening of our monthly newsletter. View the full newsletter online here. As we witness the escalating impacts of climate change through severe weather and disasters, the necessity for immediate and effective action has never been more apparent. It’s our view that banks, financial institutions, and in some cases regulators, have not been […]
Fifth Circuit Grants Rehearing on Important Disclosure rule that Will Promote Economic quality in Corporate Board Rooms: Alliance for Fair Board Recruitment v. SEC, No. 21-60626 (5th Cir. Feb. 19, 2024). The NASDAQ took a major step forward on the social justice front by issuing a new rule that would require each company listed on […]
Both Chambers of Congress had an extended recess during February for Presidents’ Day, but there were still several important hearings and other Congressional activity this month. Treasury Secretary Janet Yellen delivered the Financial Stability Oversight Council’s (FSOC) Annual Report to Congress, and Committee leadership wrote important letters to regulators. The Financial Stability Oversight Council’s (FSOC) […]
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