WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “We Must Regulate Crypto As It Exists Today”: “Tomorrow marks the 17th anniversary of Satoshi Nakamoto’s white paper introducing the world to Bitcoin. Since the white paper’s release, proponents have touted cryptocurrencies as […]
WASHINGTON, D.C.— Amanda Fischer, COO and Policy Director of Better Markets, issued the following statement on the release of a special report entitled “Thin Ice: How October’s Crypto Rout Exposes Fragilities in Pending Market Structure Legislation” describing the connection between the October crypto flash crash and issues policymakers have so far ignored as they write laws to […]
WASHINGTON, D.C.—Phillip Basil, Director of Economic Growth and Financial Stability at Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “Key Questions That the Senate Should Ask Trump’s FDIC Chairman Nominee Travis Hill,” ahead of tomorrow’s United States Senate Committee on Banking, Housing, and Urban Affairs hearing: “For more than […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder of Better Markets, issued the following statement in response to a Friday afternoon meeting of the Board of Governors of the Federal Reserve System (Fed) to further weaken its stress tests of the largest banks: “Today the Federal Reserve is proposing to destroy one of its most […]
WASHINGTON, D.C.— Statement from Amanda Fischer, Better Markets COO and Policy Director, on today’s announced presidential pardon of Changpeng Zhao (CZ), the co-founder and former CEO of Binance who pled guilty to enabling money laundering in 2023: “Today’s decision to pardon Changpeng Zhao (CZ) is perhaps the most brazen signal that the Trump Administration has […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement on the filing of a comment letter to the Federal Deposit Insurance Corporation (FDIC) on a Proposal about banks’ signage requirements for claiming FDIC insurance coverage. “The FDIC was created to protect all Americans by maintaining confidence and stability in the banking system. One […]
WASHINGTON, D.C.—Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to the Board of Governors of the Federal Reserve System (Fed), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency’s (OCC) (collectively the “Banking Agencies”) decision to rescind interagency principles related to large banks’ management of climate-related financial […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement on the filing of Better Markets’ comment letter to the SEC in response to Nasdaq’s proposal to initiate tokenized stock trading: “Tokenization—trading securities on a blockchain—will benefit the crypto industry. However, the SEC must recognize the threats to investor protection that […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the decision of the D.C. Circuit, issued today, that rejects all industry challenges to an important SEC rule that updates the way stocks are traded, as Better Markets urged in its amicus brief: “The Court’s decision is an important victory for investors, […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “Paul Atkins is Politicizing the SEC”: “The SEC is supposed to be an independent agency. Its own Canon of Ethics says that its members should ‘exhibit a spirit of firm independence,’ reject efforts […]
WASHINGTON, D.C.— Statement from Dennis M. Kelleher, Better Markets’ Cofounder, President, and CEO, on the 15th anniversary of Better Markets’ founding on October 1, 2010. Read more about 15 years of Better Markets’ impact and activities in the new Better Markets 15th Anniversary Report. “Fifteen years ago, when the horrific damage of the 2008 financial […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder of Better Markets, issued the following statement in response to the FDIC Board’s actions today related to reputation risk and supervisors’ identification of unsafe and unsound practices in banks. “In a blatantly political move that will increase lawbreaking, victimize investors and depositors, and result in more bank […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “The SEC Must Not Kill The CAT”: “The SEC’s rule requiring a consolidated audit trail (CAT), which makes our securities markets safer, became effective 13 years ago today. Although it subsequently took much […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in connection with Better Markets’ new Fact Sheet, “Wall Street Banks Are Trying to Return to Dangerously Low 2007 Capital Levels, Again Endangering Main Street Jobs and Homes”: “The catastrophic 2008 crash was largely caused by Wall Street’s megabanks having too little […]
WASHINGTON, D.C. — Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the release of a special report highlighting the profound impact of the U.S. Supreme Court on Americans’ financial lives: “Most Americans know that the Supreme Court plays a critical role in determining Americans’ rights and remedies when it comes […]
WASHINGTON, D.C.—Amanda Fischer, Policy Director & COO for Better Markets, issued the following statement in connection with Better Markets’ new fact sheet, “We’ve Seen This Movie Before,” which explains how the current regulatory approach to crypto mirrors the conditions that led to the 2008 financial crisis. “Summer may be over, but we’re still in […]
WASHINGTON, D.C.— Phillip Basil, Director of Economic Growth and Financial Stability for Better Markets, and Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ new report, “Strengthening Community Banks Creates an Economy That Works for All Americans”: “Community banks play a critical role in supporting our local economies. Their success […]
WASHINGTON, D.C.— Amanda Fischer, Policy Director and COO of Better Markets, issued the following statement in connection with today’s filing of a comment letter to the Consumer Financial Protection Bureau (CFPB or Bureau) on whether the CFPB should reduce the number of nonbank companies it supervises in the consumer debt collection market. “Debt collectors hound […]
WASHINGTON, D.C.— Amanda Fischer, Policy Director and COO of Better Markets, issued the following statement in connection with today’s filing of a comment letter to the Consumer Financial Protection Bureau (CFPB or Bureau) on proposed changes to the “larger participant” definition, which would allow certain auto lenders to escape Bureau oversight: “The ability to get […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement about a comment letter urging the FDIC to strengthen the rules to protect against unfair competition and the known risks of corporate banks. “The FDIC has already conducted years of research and analysis about the risks of corporate banks. By the FDIC’s own […]
WASHINGTON, D.C. — Today the Better Markets Academic Advisory Board (BMAAB) hosted a daylong conference on the State of Economic and Financial Policymaking. The conference brought together academic, government, and private sector participants to discuss the current policy climate and uplift the best thinking on how to strengthen financial and banking systems, facilitate broad-based wealth […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement about a comment letter applauding a joint request for information on payment system fraud from the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation: “Even with new technology […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with the Securities and Exchange Commission (SEC) issuing a policy statement stating that the federal securities laws do not preclude public companies from having mandatory arbitration provisions for shareholders: “SEC Chair Paul Atkins is at it again. He’s already […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “The SEC Must Make Markets Work for Investors”: “Tomorrow, the SEC will hold a roundtable to discuss its ‘Trade-through Rule,’ which prohibits the execution of trades on one exchange at prices inferior to […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy at Better Markets, issued the following statement in connection with today’s filing of a comment letter to the Federal Deposit Insurance Corporation (FDIC) on proposed changes to guidelines for handling supervisory appeals. “It is vital to have a supervisory appeals process that is strong and fair for […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement regarding the anticipated confirmation of Trump’s loyal employee Stephen Miran to the Federal Reserve Board of Governors (Fed). “Trump is playing partisan politics with the pocketbooks of all hardworking Americans by his unprecedented and radical attempt to dictate Fed policy from the […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement regarding today’s meeting of the Financial Stability Oversight Council (Stability Council). “The Financial Stability Oversight Council—one of the most important and powerful protections that emerged from the financial devastation of the 2008 financial crash—is blatantly undermining its own mission and […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Report, “There’s No Such Thing as Private Market Assets in the Hands of the General Public”: “The private funds industry is desperate to get its hands on the $12 trillion in the retirement accounts of […]
WASHINGTON, D.C. — Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the release of a special report examining the states’ key role in protecting consumers and investors as federal safeguards are stripped away: “State agencies and attorneys general have long played an important role in protecting Americans from abusive practices by […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement on today’s filing of Better Markets’ comment letter to the Securities and Exchange Commission (SEC) in response to its concept release on foreign private issuers: “U.S. investors are not getting the information that they need about foreign companies. That’s because the […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with the release of Securities and Exchange Commission (SEC) Chair Paul Atkins’s first rulemaking agenda: “The SEC’s first rulemaking agenda under Paul Atkins should worry retail investors. The agenda reflects the SEC’s continued preoccupation under Chair Atkins with integrating […]
WASHINGTON, D.C.—Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Key Questions that the Senate Should Ask Trump Advisor Stephen Miran at His Fed Nomination Hearing,” ahead of nominee Stephen Miran’s confirmation hearing before the United States Senate Committee on Banking, Housing, and Urban Affairs: “The Federal Reserve […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy at Better Markets, issued the following statement in connection with today’s filing of a comment letter to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, “the Banking Agencies”) on proposed changes […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement regarding the unlawful firing of Federal Reserve (Fed) Governor Lisa Cook. “President Trump’s brazen, baseless attempt to fire Fed Governor Lisa Cook is illegal and Fed Chair Jay Powell should immediately say so and publicly state that she is a member in […]
WASHINGTON, D.C.—Phillip Basil, Director of Economic Growth and Financial Stability, issued the following statement in connection with Better Markets new Fact Sheet, “The Crypto Stablecoin GENIUS Act Hurts All Americans by Undermining the Economy, Financial System, and Monetary Policy”: “The crypto stablecoin GENIUS Act that was signed into law last month is a big win […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement on the Federal Deposit Insurance Corporation (FDIC) proposed rule that lowers the standards that banks must follow related to claiming or suggesting FDIC insurance coverage. “Tens of millions – if not hundreds of millions – of dollars are being lost by bank customers […]
WASHINGTON, D.C. — A new Better Markets report entitled “15 Years of Financial Reform: Dodd-Frank, Lessons (Un)Learned and the Coming Crash” details the 2008 financial crash’s horrific impact on Main Street Americans, the decades of deregulation that drove the crisis, and the lack of lessons learned, as evidenced by a renewed push for a dangerous […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy at Better Markets, released the following statement upon the release of a recently filed comment letter, which raises significant concerns regarding the proposed overhaul of the rule implementing the Community Reinvestment Act (CRA): “The federal banking regulators’ proposal to rescind the 2023 CRA rule is a serious […]
WASHINGTON, D.C.—Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to the DC Circuit Court’s decision allowing the Trump administration to effectively kill the Consumer Financial Protection Bureau (CFPB): “Hardworking Main Street Americans are ripped off every day by gigantic financial firms when they use their credit and debit cards, savings and […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy at Better Markets, issued the following statement in connection with today’s filing of a comment letter to the Board of Governors of the Federal Reserve System (Fed) on proposed revisions to the large bank supervision framework: “Effective supervision of the nation’s largest banks is one of the […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “Chair Atkins’ Agenda is the Industry’s Agenda”: “The agenda of Paul Atkins, the chair of the Securities and Exchange Commission (SEC), is becoming apparent. Unfortunately, Atkins’ agenda betrays the investors whom the SEC […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement after President Trump signed an executive order promoting the inclusion of private market investments in 401(k)s: “This executive order exemplifies the administration’s determination to prioritize the interests of Wall Street over the interests of Main Street and retail investors. Let’s be […]
WASHINGTON, D.C. — Better Markets is pleased to announce a grant from Rockefeller Brothers Fund to advance the organization’s efforts to reform the U.S. financial system to support the real productive economy which would create broad based growth and wealth creation. Statement from Dennis M. Kelleher, Co-founder, President and Chief Executive Officer of Better Markets: […]
WASHINGTON, D.C. — Brady Williams, Legal Counsel, issued the following statement in connection with Better Markets’ new Fact-Sheet, titled State Pension Fund Investment in Cryptocurrency: A Risky Gamble with Public Retirement Security: “As more U.S. states consider investing taxpayer-backed pension funds into cryptocurrencies, a new report released today by Better Markets warns that such actions […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “Regulate Financial Firms’ Use of AI to Minimize Risks and Maximize Rewards”: “Today, Congress will hold a hearing about artificial intelligence in the financial industry. Artificial intelligence has the potential to improve the […]
WASHINGTON, D.C.— A new Better Markets fact sheet released today details how the proliferation of corporate banks harms both the financial system and Americans at large. The rapid increase in corporate bank size and complexity far transcends their beginnings as small, state-chartered loan companies designed to serve factory workers and people with low incomes. Moreover, […]
WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued the following statement in connection with Better Markets’ filing of a Freedom of Information Act (“FOIA”) request with the Commodity Futures Trading Commission (“CFTC”): “In a highly suspicious sequence of events, the CFTC approved a license for ‘QCX LLC’ after three years of inaction but […]
WASHINGTON, D.C. — Dennis Kelleher, President and CEO of Better Markets, issued the following statement in connection with sending a letter to the Commodity Futures Trading Commission (CFTC) regarding Polymarket’s reported acquisition of QCX, a newly approved CFTC registered entity: “Days after the CFTC and Department of Justice (DOJ) dropped their investigations without explanation, the […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “SPACs + Crypto = Buyer Beware”: “The financial industry wants to make it clear that SPACs are back. But investors should be extremely wary of their return. SPACs, or special purpose acquisition companies, […]
WASHINGTON, D.C. — A new report released today by Better Markets exposes the sweeping scope of consumer financial protections that have been dismantled under the second Trump Administration, resulting in the loss of billions of dollars in savings and essential safeguards for American families. The report, The Demise of Consumer Financial Protection Regulations under Trump’s […]
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