In less than two weeks, the Biden administration has taken steps that have the potential to do more for Main Street Americans than the former administration did in four years. Naming Janet Yellen as Treasury Secretary and Gary Gensler and Rohit Chopra to head the SEC and CFPB, respectively, will have a significant and […]
Recent actions by the Biden administration, including naming competent, experienced agency heads and implementing a regulatory freeze, are significant steps toward more appropriate financial regulation that protects Main Street workers, consumers, investors, families, businesses and community banks. This is, however, just a beginning. There’s a lot to do in the coming year as we work […]
In a recent brief filed with the Supreme Court, Better Markets urged the court to review a ruling by the 1st Circuit Court that would allow private equity firms to escape liability for pension shortfalls of the companies in which they invest. Better Markets filed a friend-of-the-court brief with the Supreme Court in support of […]
The Office of the Comptroller of the Currency has issued a proposed rule that would make it easier for payday lenders to dodge interest rates and consumer protection laws. Better Markets says it’s bad policy and bad rulemaking. The OCC says its proposed rule would define when a bank can be considered the true lender […]
Better Markets objected to a new SEC rule on shareholder resolutions that will take away the ability of shareholders to hold big corporations and their management responsible for their actions. One of the SEC’s favorite euphemisms to hide and disguise its anti-investor, pro-corporate agenda is “modernization,” which it again deploys here to claims its action […]
Better Markets expressed disappointment with the CFTC’s recently proposed regulations governing electronic trading principles. Electronic trading, while often beneficial to market quality, presents complex, varied and extensive risks to market integrity, orderly trading, fair competition and the price discovery process across derivatives markets. However, instead of thoughtfully addressing these risks, the CFTC has proposed largely […]
In late September, the Commodity Futures Trading Commission finalized a unanimous, bipartisan real-time reporting rule that protects and expands post-trade transparency in the swaps markets. Better Markets applauded its decision. Not only does the decision address concerns we raised in our comment letter, but it abandons a proposal that would have permitted more than a 19,000 percent […]
Better Markets and several other public advocacy groups submitted a comment letter opposing the Consumer Financial Protection Bureau’s proposal to establish an advisory opinion program that would allow industry insiders special access to the bureau’s rulemaking process. The CFPB recently launched a pilot of the advisory opinion program that it says would publicly address regulatory […]
The SEC’s recent approval of changes to its whistleblower program will weaken the program and deprive the agency of valuable information, according to Better Markets. Many supporters of the program, including Sen. Sherrod Brown, agree. More than two years after proposing them, the SEC has approved amendments that it claims will provide greater clarity to […]
As Americans see unfair treatment by the justice system across the country, Wall Street’s biggest firms continue to benefit from a double standard: when they break the law, they get sweetheart deals as Better Markets detailed in reports on JPMorgan Chase’s and Goldman Sachs’ 20 years of criminal and illegal conduct as well as the actions the […]
In this issue, Better Markets reported on its numerous activities throughout the month to hold regulators accountable for actions that impact Main Street families. This included collaborating with like-minded organizations to deter bad policy decisions made under the pretext of the pandemic and advocating for fairer rules and policy changes for all Americans. Enjoy!
This month, the Supreme Court decided not to review a Second Circuit decision on commodity market manipulation (Atlantic Trading USA LLS v. BP P.L.C.). Better Markets had filed a joint amicus brief in April urging the Court to take the case. The lower court held that even manipulative schemes that distort prices on U.S. commodity […]
The Supreme Court issued a ruling this week upholding the SEC’s right to obtain disgorgement from those who violate the securities laws and defraud investors. This is a major win for the SEC and investors everywhere, says Steve Hall, legal director and securities specialist. “The ability to recover money stolen by scam artists has long […]
The D.C. Circuit Court ruled on June 16 that the SEC doesn’t have the authority to implement a pilot program that would gather data on trading fees and rebates used by U.S. stock exchanges to attract trading volume. The court held that the SEC had acted outside its rulemaking authority, primarily because it had failed […]
In a letter to SEC Chairman Jay Clayton, Lev Bagramian of Better Markets and seven other public advocates urged the commission to rethink its deregulatory agenda in light of the economic disruptions currently shaking the foundations of the American economy. With millions of Americans out of work and an untold number of businesses closing their doors for […]
Better Markets, the Consumer Federation of America and other allies expressed “grave concerns” about the Department of Labor’s recent decision to clear the way for private equity firms to access the multi-trillion-dollar retirement plan market. In a letter to the DOL, the groups wrote that, “Far from providing the benefits touted without any supporting evidence […]
Better Markets joined nearly 100 organizations this month in urging the SEC to institute new disclosure requirements for public companies in an effort to protect investors and workers during the COVID-19 pandemic. In a letter to SEC Chair Jay Clayton, the organizations said the agency should “require all public companies to disclose comprehensive information about […]
A new SEC proposal to expand exempt offerings in the private market is a “dangerous change” that would weaken investor protection. Better Markets has called on the SEC to safeguard public markets and protect retail investors and market integrity by retracting recent actions that would make securities markets less transparent and less accountable and expose […]
Better Markets has called on the Consumer Financial Protection Bureau’s task force to help consumers and not cater to the financial industry. “Millions of Americans who rely on credit cards, auto loans and mortgages need protection from predatory behavior in these markets,” says Steve Hall, legal director and securities specialist. “But time and time again […]
Better Markets says a recent FDIC proposal on brokered deposits would “weaken banks and cost taxpayers money.” Earlier this year, the FDIC issued a proposal that would make it easier for less than well capitalized banks to accept risky brokered deposits, an unstable form of bank funding that contributed to bank failures during the savings […]
The SEC Whistleblower Protection and Rewards Program, one of the most successful programs established by the Dodd-Frank Act, is under threat following proposed changes by the SEC that would discourage whistleblowers from reporting illegal activity. Better Markets is fighting to preserve the successful program. Since the start of the whistleblower program in 2011, the SEC […]
The Department of Labor’s decision to open up 401Ks to include investments in private equity is “just the latest example of this Administration’s DOL putting retirees’ best interests last,” says Better Markets’ President and CEO Dennis Kelleher. Kelleher says the DOL is using the pandemic as a pretext to open high-risk, high-fees and high-leverage predatory […]
Better Markets has filed a comment letter urging the SEC to approve a proposal that would give investors and asset managers access to “timely, content-rich and affordable market data.” In its comment letter, Better Markets’ Lev Bagramian wrote that without this data, investors and asset managers cannot serve the needs of their clients: retirees, investors, […]
Predatory high-frequency traders cost investors billions a year. By exploiting technical quirks in the systems individuals use to trade stocks, they are able to turn huge profits at the expense of savers, retirees, and institutional investors without adding anything to the marketplace. IEX has proposed a new order type that will help investors fight […]
On May 22, Better Markets filed a comment letter on the Commodity Futures Trading Commission’s (CFTC) recently proposed rulemakings to amend certain public swaps reporting and related regulations. Most notably, the CFTC’s proposals include new provisions that would dramatically increase opacity in the swaps markets by delaying public reporting timelines for all block transactions to […]
Better Markets submitted a comment letter earlier this month to the Commodity Futures Trading Commission (CFTC) in response to its proposal to set position limits in derivatives markets for 25 commodities. The CFTC proposal caps the number of contracts that an individual can acquire. Limiting the number of contracts per individual investor is meant to […]
Better Markets has called on bank regulators to strengthen, not weaken, limits on capital distributions via dividends and executive bonuses during the unfolding pandemic and economic crisis. This was in response to a recently issued rule by the Federal Reserve, the OCC, and the FDIC that would make it easier for banks to eject capital […]
New evidence indicates that inflated credit ratings are once again contributing to chaos in the financial markets. Steve Hall, Legal Director and Securities Specialist for Better Markets, notes that credit rating downgrades have been appearing almost daily as the pandemic roils markets and the economy. And the evidence suggests that many of those ratings were inflated […]
Earlier this month, Better Markets called on regulators to “finish the job of regulating money market funds so they are no longer so vulnerable to crisis and dependent on taxpayer bailouts.” Better Markets’ demand was in response to an interim final rule announced by federal bank regulatory agencies on March 18 to encourage banks to […]
Better Markets exists to promote the economic security, opportunity and prosperity of the American people by fighting for a financial system that supports the real economy, jobs and growth while serving as a Wall Street and government watchdog. We have been continuing, and even increasing, our work as the Coronavirus pandemic has morphed from a […]
Lots going on in just the last few weeks: Our team has released 1 Report, filed 3 comment letters, 2 regulatory letters, 2 Court Briefs (1 in the Supreme Court), 1 Op Ed, and 5 fact sheets. Highlights include: Goldman’s 20-Year RAP Sheet of Illegal Behavior Reviewed as it Reveals its Plans for Targeting Main […]
What’s Inside? Paul Volcker to Better Markets: “Carry on the Battle!” Lawless SEC Going After ESG & Investors Rather Than Protecting Them Better Markets Calls Out FDIC for Not Protecting Depositors & Taxpayers Better Markets Demands Industry Corruption & Fraud in SEC Rulemaking Be Investigated & Prosecuted Paul Volcker to Better Markets: “Carry on […]
“Meet the Man [Randy Quarles] Loosening Bank Regulation, One Detail at a Time,” by Jeanna Smialek in the New York Times on November 29, 2019. This is a terrific profile of the Vice Chairman for Supervision of the Federal Reserve, Randy Quarles, his frequent meetings with Wall Street and its representatives, and his far-reaching […]
What’s Inside? Report Shows SEC’s Whistleblower Program is Wildly Successful, Should Not Be Weakened SEC’s Quantity Over Quality Enforcement Program Supreme Court Case Threatens One of the SEC’s Most Powerful Weapons to Fight Fraud Better Markets Opposes the CFTC’s Continued Deregulation Endangering the Financial System Report Shows SEC’s Whistleblower Program Is Wildly Successful, Should […]
What’s Inside? Credit Quality Crashing – What Crashes Next? Investors and Retirees Deserve Better Than Conflicted Public Officials Delivering Wins for Private Sector Clients Better Markets Supports the SEC Fight for Investors Over the Industry for the Consolidated Audit Trail (CAT) Banking Regulators Should Not Give Wall Street’s Five Biggest Banks a $40 Billion Deregulatory […]
What’s Inside? The Economy and Finance at the Last Democratic Debate Financial Predators Hope the Courts Help Them Rip You Off Good News: SEC Does Not Weaken Protections for Whistleblowers The New Secretary General for the Basel Committee on Banking Supervision Visits Better Markets The Economy and Finance at the Last Democratic Debate We […]
What’s Inside? Lehman Crash Anniversary: TBTF is Alive, Well & Getting Worse 2020 Presidential Candidates’ Debates & Launch of Voter Education Scorecard Volcker Rule: Trump Administration Re-opening the Wall Street Casino Getting the CFPB to Protect Vulnerable Consumers NOT Debt Collection Companies Shocking Story About JP Morgan Chase, Forced Arbitration & FINRA Failures Going to […]
With last week being the unofficial end of summer, we at Better Markets thought we’d send along some of the key articles/commentary you might have missed. If you’re not a subscriber to our Newsletter and want to be in the loop on the latest in the economy, finance, financial reform and related subjects, subscribe to […]
DEMOCRATIC DEBATES UPDATE What’s Inside? The Economy is Ferris Bueller: MIA The Economy is Ferris Bueller: MIA As you know, our newsletter earlier this week began with “A Debate Night Thought: Wall Street Should be Rooting for Elizabeth Warren.” Well, to no one’s surprise, enlightenment did not break out on Wall Street and they didn’t cheer […]
What’s Inside? A Debate Night Thought: Wall Street Should Be Rooting for an Elizabeth Warren! Better Markets Speaks Truth to Power at Fed Stress Tests Conference A Debate Night Thought: Wall Street Should Be Rooting for an Elizabeth Warren! The Democratic candidates are debating again tonight and tomorrow night. While they will no doubt talk about […]
What’s Inside? Better Markets to Defend Stress Tests at Key Fed Conference Tomorrow Better Markets Testifies Before the Senate on Derivatives, Preventing Crashes & Protecting Taxpayers Stopping ‘Predatory Wolf Packs’ from Ripping You Off Better Markets Fights Latest Deregulatory Proposals Better Markets to Defend Stress Tests at Key Fed Conference Tomorrow Tomorrow […]
What’s Inside? The First Democratic Debates: The Corrupt Crony Capitalism of Wall St. vs. An Economy that Works for Main Street The American Dream Depends on Financial Reform The SEC’s Power Grab Putting Investors at Risk The Fed is Making Bailouts More Likely by Putting Main Street Investors and Taxpayers on the Hook for Wall […]
New Ideas for Jobs, Economic Growth and Broad-based Prosperity for All Americans At Better Markets, we fight for a strong, stable financial system that supports three pillars of the American Middle Class: jobs, economic growth and broad-based prosperity for all Americans. We are also on the lookout for good ideas that promote those pillars. The […]
As if it wasn’t enough that new CFPB Director Kathy Kraninger was doing her best to help predatory payday lenders, a federal judge in Texas decided to leave in place a stay on the compliance date of the payday lending rule. As a result of a ruling by U.S. District Judge Lee Yeakel, payday lenders will […]
Trump’s 1,000 Cuts to Unleash Wall Street on Main Street Again The Trump administration has been working to kill Dodd-Frank and financial reform by 1,000 cuts from all different directions (legislative, regulatory and judicial) since it took office (after candidate Trump’s historic flip-flop from being Wall Street scourge topresident Trump being Wall Street’s lackey). The […]
Less Stress Sometimes is a Bad Thing Will altering the frequency of big bank stress tests from annual to every other year leave the big banks less prepared for a future financial crisis? That is the question addressed in comment letters filed by Better Markets with the Federal Reserve and FDIC regarding their recent proposals […]
CFPB is looking out for financial predators instead of Main Street To protect Main Street Americans — consumers, investors, homeowners, students, soldiers, retirees and the elderly — from predatory financial behavior and financial instability that can lead to devastating financial crashes like 2008, the Dodd Frank law created the Consumer Financial Protection Bureau (CFPB). It […]
Financial Reform Newsletter: Jan 25 2019 JP Morgan’s Jamie Dimon and Better Markets’ Dennis Kelleher Agree on Leveraged Risks We have been concerned for some time about rising financial risks in the shadow banking system and the failure of Trump’s regulators to take appropriate action from the Fed and the SEC to the OCC and […]
Financial Reform Newsletter: Jan 11 2019 Judging 2020 Presidential Candidates As Sen. Elizabeth Warren becomes the first major candidate for the 2020 Democratic nomination to form an exploratory committee and barnstorm Iowa, it’s a good time to start thinking about the candidates. Our view is, regardless of which party or who you support, it’s important […]
Lael Brainard: A Powerful Voice at the Fed for Main Street and Financial Stability This past year, Federal Reserve Board Governor Lael Brainard has stood up for critical financial and consumer protections, including issuing dissents to oppose weakening the Fed’s Volcker Rule (which prohibits risky, dangerous prop trading) and on the joint rulemaking by the […]
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