Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, The Securities and Exchange Commission (SEC) is one of the most important financial regulatory agencies created after The Great Crash of 1929 and the Great Depression of the 1930s. It was intended to end the rampant fraud and manipulation that caused […]
Congress returned from their holiday break with a full agenda and a focus on funding the government. With Congress passing another continuing resolution that funds the federal government until March, the Committees continued their oversight work on a number of proposed rules. Raising Concerns with House Crypto Legislation When the House returned from their holiday […]
If you want to see the full list of cases we’re following, view our Case Tracker here. SEC and Investors Win as Court Holds Multiple Crypto Offerings Are Securities Deserving of Investor Protections At the heart of most crypto-related enforcement actions brought by the SEC is whether the offerings are securities subject to the federal […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, Happy New Year! As we look to the possibilities of a new year, I wanted to take a moment and reflect on the impact the Better Markets team has had in 2023 thanks to your support. The failure of […]
With a two-part government funding deal passed in late November that goes through January 19th and February 2nd, it ended up being a quiet month on Capitol Hill. Legislators tied up last minute legislation and then went on their holiday break. However, even with funding continuing into the new year, some committees continued to work, […]
If you want to see the full list of cases we’re following, view our Case Tracker here. Better Markets Weighs in with Amicus Briefs in the Supreme Court and the Fifth Circuit Standing up for investors claiming they were deceived by a company’s failure to disclose key information. On December 20, 2023, Better Markets joined […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, The financial industry and its lobbyists “own” Washington policymaking, as Sen. Durbin said in 2009 when fighting for financial reform following the devastating 2008 financial crash which was caused by the financial industry’s reckless, predatory, and illegal conduct. In October […]
SEC Rule to Protect Investors by Providing Transparency on Buybacks Hangs in the Balance Chamber of Commerce v. SEC, No. 23-60255 (5th Cir.). In May this year, the SEC issued a rule requiring companies to provide more detailed information about their share repurchases. As we explained in our comment letter, the rule was designed to […]
November was a busy month on Capitol Hill, with the House getting back to Committee work after electing a new Speaker. The House and Senate held important oversight hearings for the banking regulators and continued to look into the relationship between crypto and illicit finance. Additionally, a short-term funding bill was passed and signed into […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Happy Halloween, While we hope you are enjoying the festivities today, we also know that real-life horror stories continue to haunt millions of hardworking Americans. While much of the finance industry properly serves the needs of America, there is still […]
WHAT’S NEW AND NOTEWORTHY IN THE FEDERAL COURTS Spotlight TEXAS DISTRICT COURT UPHOLDS DEPARTMENT OF LABOR (DOL) RULE CLARIFYING ABILITY OF FIDUCIARIES TO CONSIDER ESG FACTORS IN INVESTMENT DECISIONS – State of Utah, et al. v. Walsh, No. 2:23-CV-016-Z (Sept. 21, 2023) (N.D. Tex.) – Federal court appropriately defers to the DOL’s judgment under Chevron […]
Congress passed a last-minute funding extension at the end of September which funded the government until November 17th. However, this bipartisan deal to keep the government open ended up throwing the House of Representatives into chaos for most of the month as Speaker McCarthy was ousted due to the deal. While that was going on, […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, Wow! I hope you got to see some or all of the conference we put on for the 15th Anniversary of the collapse of Lehman Brothers. The all-star lineup was amazing and provided thought-provoking commentary and insights into the 2008 crash, the Dodd-Frank […]
WHAT’S NEW AND NOTEWORTHY IN THE FEDERAL COURTS Spotlight TEXAS COURT GRANTS INDUSTRY REQUEST TO BAR CFPB FROM POLICING COMPANIES FOR DISCRIMINATORY CONDUCT – CHAMBER OF COMMERCE v. CFPB, No. 6:22-cv-00381 (E.D. Tex., Sep. 08, 2023) – Texas Federal District Court Strikes Down Changes to CFPB Examination Manual, Which Clarified that Discriminatory Lending Constitutes an […]
With the August recess over, Capitol Hill was a busy place this month as lawmakers conducted hearings across a number of important topics, from capital requirements to property insurance to oversight. As government funding is set to run out by the end of the month, Congress remains busy as we head into the fall. Senate […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, Below in our newsletter you’ll see the dog days of August were as active as ever for our team. In addition to a fast-paced regulatory schedule, developments in areas like fintech, and the deepening climate crisis are creating more […]
August is usually a slower month on Capitol Hill, as Members of Congress spend the month working back home in their districts. However, there were still a few items of note as Members continue to send letters to regulators and others on several key issues. Senators Weigh-In On Gambling on Elections Senators Jeff Merkley (OR), […]
WHAT’S NEW AND NOTEWORTHY IN THE FEDERAL COURTS Spotlight on Massachusetts Victory HIGH COURT IN MASSACHUSETTS UPHOLDS STATE FIDUCIARY DUTY RULE – Robinhood Financial LLC v. Secretary of the Commonwealth, SJC-13381 (Supreme Judicial Court of Mass., Aug. 25, 2023) – Court unanimously reverses lower court, rejects slew of challenges to the state’s strong state fiduciary […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, It’s been another busy month being a counterweight to Wall Street’s biggest banks, their CEOs, the crypto industry, and the broader financial industry, which has been relentlessly using all the levers of the influence industry to bend the policymaking […]
July is a busy month on Capitol Hill. It is the last legislative session before the August recess and many must-pass bills make their way through Committees and the floor. Despite the looming September deadlines, the House Majority used this time to attack ESG policies and push through crypto legislation sponsored by the industry it […]
WHAT’S NEW AND NOTEWORTHY IN THE FEDERAL COURTS CRYPTOCURRENCY ENFORCEMENT – SEC v. Ripple Labs Inc., No. 1:20-cv-10832 (S.D.N.Y., July 13, 2023) – A federal district court rules that Ripple’s XRP cryptocurrency is both a security and not a security, depending on who purchases the digital asset, thus affording protections to “sophisticated” institutional investors but not to […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi friend, As the summer heat hits Washington, it was nice to be back in the Senate (where I worked for almost 8 years) and attend the Banking Committee nomination hearing for Dr. Phillip Jefferson to be Vice Chair and Dr. […]
June was another busy month on Capitol Hill, with numerous hearings covering a wide range of topics including semi-annual reports from both the CFPB and the Fed. There was also a much-anticipated legislative markup in the Senate Banking Committee on executive compensation in response to the banking crisis. House Digital Assets Hearing The Chairs of […]
What’s New and Noteworthy NINTH CIRCUIT CLOSES THE COURTHOUSE DOORS TO WRONGED INVESTORS, JEAPORDIZING THE RIGHT OF SHAREHOLDERS TO HOLD COMPANIES ACCOUNTABLE – Lee v. Fisher, No. 21-15923, 2023 WL 3749317 (3:20-cv-06163-SK) (9th Cir., June 1, 2023) (en banc); Lee v. Fisher, 34 F.4th 777 (9th Cir. May 13, 2022) – An en banc panel of […]
Below is the opening of our monthly newsletter. View the full newsletter online here. Hi Friend, Too often after a crisis and the wave of media attention that follows, everyone moves on to the next story without truly understanding what happened and how we can prevent it from happening again. Sometimes that’s just media shortsightedness, […]
It was another busy month on Capitol Hill as Congress continued their oversight role in the banking crisis, bringing in failed bank executives as well as banking regulators to testify. Congress also considered the status of crypto regulation and its impact on the financial system. Joint Committee Hearing on Crypto On May 10th the House […]
WHAT’S NEW AND NOTEWORTHY FEDERAL COURT REJECTS CHAMBER OF COMMERCE’S CHALLENGE TO SEC’s PROXY ADVICE RULE – Chamber of Commerce v. SEC, No. 3:22-cv-00561 (Apr. 04, 2023) – Middle District of Tennessee sides with SEC and investors in rejecting industry’s predictable attacks on proxy advice rule. The Issue. The right to vote on corporate leadership […]
View the newsletter online here. Hi Friend, 2023 has already been a crazy busy year for Better Markets with our work on the Silicon Valley Bank crisis, extensive comment letters on market structure proposals by the SEC, and a wave of timely reports and fact sheets. Thankfully, much of our work has been recognized by others and indicates […]
Hill Update – April 2023 While both Chambers of Congress spent the first two weeks of April on recess, they came back with a full schedule of hearings to close out the month. SEC Oversight Hearing The first hearing of the month was the House Financial Services Committee on SEC Oversight. This was the first time […]
WHAT’S NEW AND NOTEWORTHY SUPREME COURT DEALS ANOTHER BLOW TO THE SEC’S AUTHORITY TO HOLD WRONGDOERS ACCOUNTABLE IN AGENCY ENFORCEMENT PROCEEDINGS – Axon Enterprise, Inc. v. FTC and SEC v. Cochran, Nos. 21-86 & 21-1239 (Apr. 14, 2023) – A unanimous Court holds that respondents can side-track administrative enforcement actions in district court instead of […]
View the newsletter online here. Hi Friend, Crazy month. It began with the financial industry’s Republican allies on the Senate Banking Committee pushing Federal Reserve Chair Powell to stop Vice Chair for Supervision Barr from properly regulating banks (which we rebutted here) and ended with high-profile Congressional hearings into the failure of Silicon Valley Bank […]
Hill Update – February 2023 March was an extremely busy month on Capitol Hill, as both Chambers were in session for a large part of the month. March also kicks off Appropriations season as the White House releases the President’s budget proposal. Committees continue their oversight roles of appropriate agencies and start subcommittee work. The […]
WHAT’S NEW AND NOTEWORTHY SUPREME COURT WEAKENS DETERRENT POWER OF BANK SECRECY ACT – Bittner v. United States, No. 21-1195 (Feb. 28, 2023) – A divided Court limits civil penalties for failing to disclose foreign accounts to $10,000 per year. The issue. Congress enacted the Bank Secrecy Act to help reduce tax evasion or other […]
Hill Update – February 2023 The new Congress is officially organized with Committees now fully formed and organized. This also brought the first substantial hearings of the year which laid the groundwork of the Committees work and priorities this year. House Financial Services Accredited Investor Hearing One of the first hearings of the year was the House […]
View the newsletter online here. Hi friend, Fighting for a financial system that supports the productive economy, jobs, rising living standards, and broad-based wealth creation can be difficult to understand at times. Even funders often don’t understand the incredible importance of finance and financial matters to social, economic and racial justice in America. But sometimes these issues […]
Hill Update – January 2023 This month marks the beginning of a new Congress, which means most Senators and Representatives are focused on administrative issues, such as determining what Committees they will serve on and organizing their priorities. While there haven’t been any hearings as Committees are still being formed, many Members of Congress have […]
WHAT’S NEW AND NOTEWORTHY PREDICTION MARKETS GET THEIR DAY INCOURT – Clarke v. CFTC, No. 22-51124 (5th Cir. Jan. 18, 2023) – The Fifth Circuit will decide an expedited appeal on the fate of online political gambling forum PredictIt. The issue. Readers might recall our past comments on the legality of political prediction markets, online […]
View the newsletter online here. Hi friend, Happy New Year. 2022 was an extraordinary year. Our accomplishments and impact were many and touched all the power centers of Washington from Congress and the White House to the regulatory agencies and the media. Whether it was pushing regulators to use their power to protect Main Street families, elevating the voice of […]
The Supreme Court The Supreme Court is now well into its October 2022 term. Along with cases involving high-profile social policy questions, the Court will be addressing important issues in the realm of financial regulation and economics, which have a profound impact on the financial well-being of virtually all Americans. In late September, we issued […]
View the newsletter online here. Hi friend, In a city soaked in special interest money, being independent and speaking truth to power often is not very popular. Standing up for consumers and investors, economic, social and racial justice, and financial stability (meaning no special treatment or bailouts for the country’s largest financial firms) threatens not just […]
The Supreme Court As we noted in last month’s newsletter, the Supreme Court began its new term on Monday, October 3, 2022. Along with cases involving high-profile social policy questions, the Court will be addressing important issues in the realm of financial regulation and economics, which have a profound impact on the financial well-being of […]
View the newsletter online here. Hi friend, First, let me start by saying how great it was to join our friends, partners and supporters from the Omidyar Network at a recent live in person (!) event to celebrate Elena Botella’s insightful and thought-provoking new book “Delinquent: Inside America’s Debt Machine.” You really should read it! Chris […]
The Supreme Court The Supreme Court began its new term on Monday, October 3, 2022. Along with cases involving high-profile social policy questions, the Court will be addressing important issues in the realm of financial regulation and economics, which have a profound impact on the financial well-being of virtually all Americans. In late September, we […]
View the newsletter online here. We don’t always get to lead our Newsletter with good news, but this time we do! For the first time since 2013, the Federal Reserve Board has all seven members confirmed and in place. And, Governor Lisa D. Cook is the first African American woman and first woman of color […]
The Supreme Court The Supreme Court is about to begin a new term on Monday, October 3rd, so now is a good time to look back on the Court’s decisions from the last term and look ahead to some important cases the Court will be deciding in the coming months. That’s exactly what we have […]
View the newsletter online here. August is typically a sleepy time in Washington, but the past month has been incredibly busy for our team at Better Markets. In just the past few weeks, we have fought for low and moderate income communities in reforming the Community Reinvestment Act, urged the federal banking agencies to stop […]
The Supreme Court The Supreme Court is only a month away from the start of its new term, with an initial conference scheduled for September 28 and oral arguments set for October 3. This is a good time to look back on the Court’s decisions from the last term and look ahead to some important […]
An important part of our work at Better Markets is trying to inform and shape the conversation around the core issues of economic growth, jobs, credit availability, wealth creation, small business formation, community banks, and the basic finances essential to the livelihoods of all Americans. The financial industry spends an enormous amount of time and […]
The Supreme Court The Supreme Court’s decisions have been dominating the legal headlines for some time and it’s no surprise given the impact the Court has on controversial social policy issues, including abortion rights and gun control. But every term, the U.S. Supreme Court also decides cases addressing important financial and economic issues that profoundly […]
To view the emailed version, click here. Wall Street’s biggest banks and their Washington allies spend an enormous amount of money every year to influence policy and the rulemaking process to boost their profits and bonuses while protecting their businesses from sensible regulation and competition. Despite that army of lobbyists and lawyers, there are opportunities […]
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