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 […]
WASHINGTON, D.C.—Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the filing of a comment letter in response to a proposed comparability order from the Commodity Futures Trading Commission (CFTC). “Granting this order would in effect outsource the protection of U.S. markets and taxpayers to Mexican authorities acting under a set of […]
WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO, issued the following statement in connection with the release of a report titled “U.S. Treasury Market Instability During Stress Requires Urgent Reforms.” This is the third report in Better Markets’ series on the shadow banking sector. “The U.S. Treasury markets have a long history as the most important […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the release of a fact sheet on bank mergers ahead of an OCC symposium at which Better Markets’ Tim Clark will participate in a panel addressing the effect of bank mergers on financial stability. “The dramatic increase in the largest, too-big-to-fail […]
WASHINGTON, D.C.—Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, released the following statement in advance of tomorrow’s oral argument before the Tenth Circuit in an important market manipulation case, In re: Overstock Securities Litigation, No. 21-4126: “Our securities markets have proven to be remarkable engines of business growth and wealth generation for […]
WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO, issued the following statement in connection with a Better Markets fact sheet released ahead of a House Financial Services Committee hearing that will likely consider harmful changes to the Accredited Investor definition: “The Accredited Investor definition protects many investors from being ripped off in private markets where there […]
WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement on Better Markets’ comments in response to the Federal Reserve’s draft Principles for Climate-Related Financial Risk Management for Large Financial Institutions: “We commend the Federal Reserve for joining the FDIC and OCC by issuing draft principles to examine climate-related financial risk […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on a joint letter from consumer protection advocates asking the Public Company Accounting Oversight Board (PCAOB) to strengthen its proposed Quality Control Standard for audit firms: “The PCAOB is responsible for making sure the auditing profession fulfills its duty as a critical […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, released the following statement in connection with the release of a report entitled “The Securities And Exchange Commission: Regulation And Enforcement In 2022.” “The SEC is critical to maintaining the integrity, stability, and vitality of our securities markets, and those markets are critical to a thriving economy. […]
WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement on the upcoming 5th anniversary on February 2, 2023 of the Federal Reserve imposing a cap on Wells Fargo’s asset growth: “It is now obvious that giant Wall Street banks like Wells Fargo are not only too-big-to-fail and too-big-to-manage, but also […]
WASHINGTON, D.C.— Dennis M. Kelleher, President, and CEO of Better Markets, released the following statement in connection with the Federal Reserve’s decision to deny Custodia Bank’s application to become a member of the Federal Reserve System: “The unanimous decision today by the Federal Reserve (Fed) to deny Custodia Bank’s application to become a member of the […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement upon the vote by the Securities and Exchange Commission (SEC) to propose a rule to implement Section 621 of the Dodd-Frank Act: “Better Markets welcomes this long-overdue proposal that will target some of the most outrageous abuses we saw leading up to the […]
WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement in connection with the release of a report entitled “The SEC’s Excellent Record on Crypto: Regulation and Enforcement”: “The Securities and Exchange Commission (SEC) has been subject to withering and relentless criticism—often hypocritical—from the crypto industry and its many allies, […]
WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement on the filing of Better Markets’ Comment Letter to the Federal Reserve and Federal Deposit Insurance Corporation on their advance notice of proposed rulemaking regarding the resolution-related resource requirements for Large Banking Organizations: “Effective resolution planning that includes ample readily available capital is […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on a joint petition sent to the U.S. Securities and Exchange Commission (SEC) urging the agency to clarify its policies on credit rating agencies: “The fact is that powerful conflicts of interest continue to influence the credit rating agencies, as they seek […]
WASHINGTON, D.C.— Phillip Basil, Director of Banking Policy, issued the following statement in connection with the release of Better Markets’ Fact Sheet on FinTech, Crypto, the Banking Industry and Regulation. “The recent rapid and spectacular collapse of the crypto company FTX has clearly shown – again – the fiction and lawlessness of the crypto industry. […]
WASHINGTON, D.C.— Dennis Kelleher, President and CEO, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) recently released regulatory agenda: “The CFTC’s recently released fall 2022 regulatory agenda (available here) is virtually identical to its spring 2022 agenda (available here). Don’t be fooled because the fall agenda has fewer items than the spring […]
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 to modernize and improve disclosures on share repurchases, also known as stock buybacks: “The […]
WASHINGTON, D.C.— Dennis Kelleher, Cofounder, President, and CEO, issued the following statement regarding a letter he sent to the U.S. Senate Committee on Agriculture expressing concerns with provisions in the Digital Commodities Consumer Protection Act (DCCPA): “The DCCPA, one of FTX’s and Sam Bankman-Fried’s top legislative priorities prior to their downfall, poses several serious concerns […]
WASHINGTON, D.C.— In a Financial Times Op-Ed published today, Dennis M. Kelleher, Cofounder, President and CEO, provided an overview of U.S. regulatory agencies’ recent work, including the SEC’s efforts to protect investors and the CFTC’s failures. The full Op-Ed can be found below and online here: Where regulators could reform Wall Street in 2023 By Dennis Kelleher […]
WASHINGTON, D.C.— Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement following the release by the Consumer Financial Protection Bureau (CFPB) of its Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions: “We applaud the CFPB and Director Chopra for setting an agenda that prioritizes relief for the millions of consumers subjected to […]
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