WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s reopening of the comment period for its proposed rule regarding amendments to the definition of “exchange” and alternative trading systems or “ATS”: “The […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule to bolster the security and resiliency of the technology infrastructure of the U.S. securities markets: “Cyber breaches and technological failures are […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ comment letter with the Office of Information and Regulatory Affairs (“OIRA”) on its draft guidance to improve the process governing meetings with members of the public affected by executive branch federal rules: “The rules issued by federal […]
WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) finalized rules that will help prevent fraud in the derivatives markets and reduce the SEC’s reliance on credit ratings. Legal Director and Securities Specialist Stephen Hall released the following statement: “Security-based swaps or ‘SBS’ were among the complex, risky, and unregulated financial products that played a […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule to enhance cybersecurity preparedness, disclosure, and resiliency in our financial markets: “Corporate leaders and regulators all agree that cyberattacks are not […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule to bolster protections for customer information and require notice to individuals affected by a data breach at financial institutions: “It is […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement on Better Markets’ fact sheet on speculators in the energy commodities markets: “This Memorial Day weekend marks the start of the summer driving season when many Americans will be hitting the road and dealing with the likelihood of increased gas prices. The higher costs […]
WASHINGTON, D.C.— Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement in connection with today’s statements by Wall Street’s CEOs regarding the debt ceiling: “With virtually every financial instrument priced off of the risk-free rate of U.S. debt, a United States default on its debt for the first time in history and the […]
WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement on Better Markets’ fact sheet addressing stablecoins ahead of a House Financial Services Committee Hearing titled “Putting the ‘Stable’ in ‘Stablecoins:’ How Legislation Will Help Stablecoins Achieve Their Promise.” “The short history of stablecoins has been characterized by instability, bank-like runs, and the […]
WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement in connection with today’s filing of an amicus curiae brief in the U.S. Supreme Court in CFPB v. Community Financial Services Association of America. The brief was led by the Lawyers’ Committee for Civil Rights Under Law and joined by Better Markets […]
WASHINGTON, D.C.— Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement in connection with today’s release of Better Markets’ Banking Enforcement Report. The report is released ahead of a House Financial Services Committee and Senate Banking Committee oversight hearings with witnesses that include top regulators from the Federal Reserve, FDIC, and OCC. “The spectacular […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in connection with releasing a Policy Brief entitled “Ten Actions Necessary to Prevent Large Bank Failures, Strengthen the Financial System, and Protect Main Street Families”: “The failures of First Republic Bank, Silicon Valley Bank (SVB), Signature Bank, and the ongoing banking crisis are […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule to enhance protections for client assets held or managed by registered investment advisers: “Investors simply must have confidence that when they […]
WASHINGTON, D.C.— Anton Becker, Better Markets Communications Director, issued the following statement in connection with Washingtonian Magazine’s selection of Better Markets Co-Founder, President and CEO Dennis Kelleher, being named as one of the most Influential people shaping policy in Washington, DC: “For the third year in a row, Washingtonian Magazine has identified Dennis Kelleher as among the […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Consumer Financial Protection Bureau (CFPB) in response to the agency’s proposed rule to reduce credit card penalty fees: “This rule will dramatically limit the credit card penalty fees that companies have used for […]
WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) finalized a rule that will provide regulators with information they need to address the threat of systemic risks and investor harms posed by private funds. Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the approved rule. “One of the cardinal lessons of the […]
WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) finalized an important rule that will increase corporate transparency for the benefit of shareholders. Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the approved rule. “Stock buybacks have grown substantially in recent years and increasingly they are used to enrich executives instead of […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the FDIC’s seizure and sale of most of First Republic Bank to JPMorgan Chase: “While the regulators appear to have followed the law in seizing First Republic Bank by selling most of it to JPMorgan Chase, this process nonetheless again […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the Federal Reserve Board’s (Fed) release of a report by the Vice Chair for Supervision Michael Barr on the causes of the collapse of Silicon Valley Bank (Report): “The Fed Vice Chair for Supervision (VCS) and his team deserve credit […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in connection with Coinbase’s release today of its Wells submission to the Securities and Exchange Commission (SEC): “The latest PR move in Coinbase’s campaign against the SEC is its release today of its Wells submission to the SEC. Like reading only one side’s […]
WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement on Better Markets’ fact sheet addressing crypto regulation, ahead of House Financial Services and House Agriculture Committee hearings on the future of crypto regulation. “As lawmakers consider the path forward on crypto regulation, they must evaluate the failed promises of the industry and […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on Monday’s court decision from the U.S. District Court for the Middle District of Tennessee rejecting a challenge to the SEC’s rule on proxy voting advice. “Since 2021, the SEC has been working overtime to protect investors, markets, and socially useful capital formation, […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the upcoming report by the Federal Reserve on the causes of the collapse of Silicon Valley Bank: “The report that the Vice Chair for Supervision (VCS) at the Federal Reserve Board (Fed) is scheduled to release by next Monday into […]
WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement on the filing of Better Markets’ Comment Letter to the Federal Trade Commission (FTC) in response to the Commission’s proposed rule to prohibit non-compete clauses in employment contracts. “All too often companies bury unfair “non-compete clauses” in their fine-print, take-it-or-leave-it employment […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on Better Markets’ release of a fact sheet, Expanding Private Markets Undercuts Public Markets, Investor Protections, and Capital Formation, before a House Financial Services Committee, Capital Markets Subcommittee hearing entitled “A Roadmap for Growth: Reforms to Encourage Capital Formation and Investment Opportunities for […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on Better Markets releasing a pair of fact sheets before a House Financial Services Committee hearing entitled “Oversight of the Securities and Exchange Commission” with SEC Chair Gary Gensler. The Fact sheets focus on the need for additional resources at the SEC and […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with Better Markets’ filing of an amicus curiae brief in Robinhood Financial LLC v. Galvin, case number SJC-13381 in the Supreme Judicial Court for the Commonwealth of Massachusetts: “Too many retail customers are ripped off by their brokers who put […]
WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement on a comment letter filed with the Federal Deposit Insurance Corporation (“FDIC”) on its proposal to fight consumer confusion and false claims surrounding deposit insurance: “In the wake of failures at Silicon Valley Bank, Silvergate, and others, consumers are experiencing growing uncertainty […]
WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement on a joint letter from consumer protection advocates supporting the Consumer Financial Protection Bureau’s (CFPB’s) proposed Public Registry of Terms and Conditions in Form Contracts That Claim to Waive Or Limit Consumer Rights and Protections. “All too often, financial services companies bury […]
WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement on Better Markets’ Comment Letter filed in response to the Consumer Financial Protection Bureau’s (CFPB’s) proposed registry for nonbanks subject to administrative and judicial orders. “We now live in a world where consumers are accessing financial products and services less often in […]
WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement on the four Better Markets Comment Letters filed in response to the Securities and Exchange Commission’s (SEC’s) proposed set of market structure reforms. “The GameStop and meme-stock trading frenzies that occurred in early 2021 highlighted longstanding market integrity and investor protection issues […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO, issued the following statement in connection with the White House announcement today calling for the reinstatement of important financial protection rules that that will protect Main Street taxpayers, families, small businesses, and community banks: “It’s no mystery why Silicon Valley Bank (SVB) and others collapsed causing the […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule to prohibit conflicts of interest in certain securitizations as required by Section 621 of the Dodd-Frank Wall Street Reform and Consumer […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in connection with releasing a Fact Sheet entitled “Federal Reserve Deregulation Caused the Failure of Silicon Valley Bank and the 2023 Banking Crisis”: “While the blame game and search for scapegoats have begun, the facts make clear that the Federal Reserve (Fed), with […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, released the following statement in connection with the release of a report entitled “The Ongoing Use and Abuse of Cost-Benefit Analysis in Financial Regulation.” “Preserving the ability of regulators to adopt the rules we need to protect investors and prevent market crashes is essential, and that means […]
WASHINGTON, D.C.— Better Markets congratulates Cantrell Dumas, the organization’s Director of Derivatives Policy, on his appointment to the Commodity Futures and Trading Commission’s Technology Advisory Committee (TAC). The TAC assists the Commission in identifying and understanding the impacts and implications of technological innovation in financial services and markets. “Cantrell’s outstanding work at Better Markets and extensive […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO, issued the following statement in connection with the White House release of a Fact Sheet urging Congressional actions to strengthen accountability for senior bank executives in response to the collapse of Silicon Valley Bank (SVB): “The Department of Justice is investigating and will undoubtedly prosecute any criminal […]
WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, applauded President Biden’s budget request increases for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), but noted that they are still insufficient: “America’s families, workers, businesses, banks, and investors – as well as the financial system and economy […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO, issued the following statement in connection with the Federal Reserve’s (Fed) announcement of investigating itself for its failures in connection with the collapse of Silicon Valley Bank (SVB). “Federal Reserve supervision utterly failed in connection with the collapse of Silicon Valley Bank (SVB), as detailed here, and […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO, issued the following statement in connection with the need for immediate and meaningful accountability for the Board members and executives of Silicon Valley Bank, the regulators and supervisors at the Federal Reserve, and others who failed to prevent the disorderly collapse. “One of the biggest injustices of […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO, issued the following statement in connection with the failure of Silicon Valley Bank. “The failure of Silicon Valley Bank (SVB) today is the largest bank failure since the 2008 crisis, and it is going to cause contagion and almost certainly more bank failures. SVB’s condition deteriorated so […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO, issued the following statement in connection with the sentencing of former Goldman Sachs partner Roger Ng in connection with his crimes in the looting and global money-laundering crime spree of 1 Malaysia Development Berhad (1MDB): “30 officers and executives at Goldman Sachs were involved in enabling the […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO, issued the following statement in connection with the release of a Better Markets Fact Sheet on the need for the CFTC to investigate the role and impact of financial speculators in the commodities markets. On Thursday morning, the House Agriculture Committee will hold a hearing that is […]
WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO, issued the following statement in connection with the release of a Better Markets’ Fact Sheet on crypto, FTX’s collapse, SBF’s activities, the actions of the SEC, CFTC, and banking regulators on crypto, and the crypto industry’s use of the revolving door in their influence campaign in Washington. […]
WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement in advance of the Senate Agriculture hearing on CFTC Oversight to be held on Wednesday, March 8, 2023: “The CFTC is a vital financial regulatory agency, important to the lives and livelihoods of all Americans. That was made painfully clear […]
WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement in connection with a letter he sent to Federal Reserve (Fed) Chair Jerome Powell responding to a letter from Senator Tim Scott and nine other Republican members of the Senate Banking Committee regarding Vice Chair Barr’s ongoing holistic capital review. Tomorrow morning Powell will […]
WASHINGTON, D.C.— On Thursday, March 2, the U.S. Securities and Exchange Commission’s (SEC) Investment Advisory Committee will hold a meeting on several key issues crucial to protecting investors and markets including swing pricing, the growth of private markets relative to public markets, and customer account statements. The Better Markets team has focused extensively on each […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in response to this morning’s order from the U.S. Supreme Court granting review of the Fifth Circuit’s decision holding that the funding mechanism for the Consumer Financial Protection Bureau (CFPB) violates the U.S. Constitution: “The American people were justifiably outraged at the […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ comment letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule to strengthen liquidity risk management programs at open-end funds and implement swing pricing: “This proposal includes much-needed and long overdue reforms […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, released the following statement on the filing of a comment letter with the Commodity Futures Trading Commission (CFTC) on its proposed rule that would amend certain reporting and information requirements applicable to derivatives clearing organizations (“DCOs”): “This proposal represents a positive and important step forward in the oversight […]
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