WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist at Better Markets, released the following statement in connection with Better Markets filing a comment letter in response to the Commodity Futures Trading Commission’s proposed order conditionally providing for substituted compliance for nonbank swap dealers organized and domiciled in Japan. “In response to the 2008 financial crisis, Congress […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with a comment letter filed in response to the Securities and Exchange Commission’s (SEC) and Commodity Futures and Trading Commission’s (CFTC) joint proposal to require greater disclosure from the private fund industry. “Private funds, which include hedge funds and private equity, […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President and CEO of Better Markets, released the following statement in connection with Better Markets’ comment letter filed with the Commodities Futures Trading Commission (“CFTC”) in response to the agency’s request for information on climate-related financial risk (“Climate RFI”). “The CFTC must act now and use its broad authority […]
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WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued the following statement upon the significant deterioration of the financial condition of Credit Suisse that has brought it close to failure: “As the financial condition of Credit Suisse continues to deteriorate, raising questions of whether it will collapse, the world and U.S. taxpayers should be […]
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WASHINGTON, D.C.—Dennis M. Kelleher, Co-founder, President and CEO of Better Markets, issued the following statement on the Federal Reserve’s late Friday announcement that (1) it passed Truist’s living will, and (2) it is going to issue guidance on its expectations for living wills for banks greater than $250 billion but are not systemically important: “Continuing […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement on the Federal Reserve’s announcement of a “pilot” climate scenario analysis exercise for 2023: “The Federal Reserve’s official announcement of its plan to conduct climate scenario analysis for the nation’s six largest, most complex, most dangerous financial institutions is a welcome […]
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WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, released the following statement on the publication of a new Better Markets report, The Supreme Court’s Decisions That Affect Americans’ Financial Lives & The Growing Threat to the Administrative State: “The Supreme Court decides cases every year that have a profound impact on the economic and financial […]
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WASHINGTON, D.C.—Dennis M. Kelleher, Co-founder, President and CEO, released the following statement in connection with Better Markets’ comment letter filed with the Commodities Futures Trading Commission (“CFTC”) regarding a request for approval of a proposed gaming contract. “KalshiEX, LLC (‘Kalshi’) has asked the CFTC to allow traders to gamble on the outcome of congressional elections […]
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Public officials must ensure digital assets in fact enable wealth creation for the many, not yet more wealth extraction for the few WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued the following statement in connection with the release of President Biden’s Comprehensive Framework for Responsible Development of Digital Assets (“Framework”): “President Biden’s […]
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WASHINGTON, D.C.— Houston Shaner has joined Better Markets as Senior Counsel. Shaner brings extensive experience working on regulatory matters, administrative law, and litigation to the Better Markets legal team. “Houston brings eight years of excellent legal experience and a nuanced understanding of the legal process and how it impacts policymaking and regulatory issues,” said Better […]
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WASHINGTON, D.C.— Travis Horr has joined Better Markets as Director of External Affairs. Bringing his experiences in government affairs, Capitol Hill advocacy, and the Marine Corps, he will serve as Better Markets’ primary point of contact with Congress, the administration, allies, fellow advocates and organizations, industry representatives, and other organizations and people involved in economic […]
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WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued the following statement after the Federal Reserve Board’s Vice Chair for Supervision Michael S. Barr gave his first speech since being sworn into office. Better Markets released a detailed agenda for the incoming Vice Chair upon his confirmation by the Senate in July. “Michael Barr, […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement on release of the opinion of the Office of Legal Counsel at the Department of Justice regarding powers of the Chair and Board of the Federal Deposit Insurance Corp. (FDIC): “Former Federal Deposit Insurance Corp. (FDIC) Chair McWilliams asserted that she had the […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement in response to the Securities and Exchange Commission’s (SEC) adoption of a final whistleblower rule reversing two flawed provisions written under the prior administration: “The SEC’s whistleblower program has been an extraordinarily effective enforcement tool in fighting against fraud […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement in response to the Securities and Exchange Commission’s (SEC) adoption of a final rule requiring public companies to disclose information on the relationship between executive compensation actually paid and companies’ financial performance: “Executive compensation schemes can incentivize the worst […]
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WASHINGTON, D.C.— Peter Rappoport, after 29 years at JP Morgan Chase, including serving as a Managing Director for two decades, has joined Better Markets as a Senior Fellow. At the bank, Mr. Rappoport led quantitative teams in the Investment Bank’s Fixed Income, Credit and Derivatives areas, Asset Management, Model Validation, and most recently, the Analytics […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement after Better Markets filed two comment letters with the Securities and Exchange Commission (SEC) regarding its proposals to require investment companies, investment advisers, and other entities to disclose to investors additional information regarding their environmental, social, and governance (“ESG”) […]
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WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the banking agencies’ hearing on Thursday on TD Bank’s application to acquire First Horizon to create the 8th largest bank in the U.S., as detailed in this Better Markets’ letter: “JPMorgan Chase CEO Jamie Dimon was ferociously adamant that all banks, […]
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WASHINGTON, D.C.— Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement in connection with today’s release of Better Markets’ report on money market funds (MMFs). The report is the second in a series on the shadow banking sector and the serious risks it poses to the U.S. financial system. You can find the […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement on the jury verdict convicting two JPMorgan Chase officers of criminal conduct: “Today’s jury verdict convicting two officers of JPMorgan Chase for crimes in manipulating the precious metals markets should signal to Wall Street’s biggest financial firms and executives that they are not […]
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WASHINGTON, D.C.— Phillip Basil, Director of Banking Policy, issued the following statement after Better Markets filed a comment letter to the Department of the Treasury regarding its request for comment related to the President’s Executive Order “Ensuring Responsible Development of Digital Assets”: “The digital asset industry is seeking special carveouts, loopholes, and changes to our […]
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WASHINGTON, D.C.— In a San Francisco Chronicle Op Ed published today, Better Markets’ President and CEO Dennis Kelleher details financial firm Robinhood’s predatory practices and the need for a “Real Robin Hood” on Wall Street that actually “provides Main Street investors genuine opportunities to affordably trade, invest and build wealth.” The full Op Ed can be […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement after Better Markets filed a comment letter to rulemaking agencies on ways to update the Community Reinvestment Act (CRA): “Credit, investment, and banking services have been unfairly if not illegally denied to too many Americans for too long. The CRA was supposed to […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement in response to today’s Federal Reserve release of stress capital buffer requirements for the largest banks: “At a time of heightened risks to the economy, skyrocketing inflation, and extreme uncertainty, the Federal Reserve’s stressed capital buffers (SCBs) that were released today […]
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Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the decision from the D.C. Circuit in the case of Citadel Securities LLC v. Securities and Exchange Commission: “The Court has handed the SEC a complete and well-deserved win in a case that will make our trading […]
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WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO, issued the following statement on the release of an article titled “Democratizing Equity Markets With And Without Exploitation: Robinhood, Gamestop, Hedge Funds, Gamification, High-Frequency Trading, And More,” authored by Better Markets staff in the Western New England Law Review: “Wall Street has been too exclusive, expensive, opaque, […]
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To: Interested Parties From: Dennis Kelleher, Co-Founder, President and CEO (Media Contact: Anton Becker, Dir. of Communications [email protected]) Date: July 26, 2022 Re: July 29th Marks the One-Year Anniversary of Robinhood’s IPO One year ago on Friday, July 29th, the financial firm Robinhood went public at $38 a share. Today, the stock hovers at around […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement on Better Markets’ Amicus brief filed in the case of Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. in the United States Court of Appeals for the Second Circuit. “Goldman Sachs claims that it should not be liable for its false statements about […]
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WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO, issued the following statement upon the departure of Commissioner Allison Herren Lee from the Securities and Exchange Commission: “While we welcome incoming Commissioner Jaime Lizarraga to the Securities and Exchange Commission (SEC) today, we would be remiss not to recognize the many contributions of outgoing Commissioner Allison […]
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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 on Standards for Recovery of Erroneously Awarded Compensation: “This is among the last reforms required under the Dodd-Frank Act aimed at […]
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WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to the Federal Reserve’s Inspector General’s Report on personal trading by the Chair and former Vice Chair Clarida: “The Federal Reserve’s Inspector General’s report today on its investigation into the personal trading by the Chair and former Vice Chair Clarida […]
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Dennis Kelleher, President and CEO of Better Markets, issued the following statement and released a detailed agenda for the incoming Vice Chair for Supervision for the Federal Reserve, Michael Barr, upon his confirmation by the Senate today: “The newly confirmed Vice Chair for Supervision for the Federal Reserve Board, Michael Barr, would have a difficult […]
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WASHINGTON, D.C.—Following Better Markets’ recommendations in its December 2021 comment letter, today the SEC rescinded provisions of a 2020 rule that stifled the availability of independent and timely advice for shareholders exercising their proxy voting rights. Legal Director and Securities Specialist Stephen Hall issued the following statement on the rule: “The SEC’s rule is a […]
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WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO, issued the following statement in response to the Securities and Exchange Commission’s (SEC) rejection of a crypto exchange traded fund (ETF): “The SEC’s overriding mission is to protect investors and that could not be more important than now after more than $2 trillion have been lost in […]
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WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO, issued the following statement in response to the Supreme Court’s decision in West Virginia v. EPA: “The decision by the Supreme Court today to limit the EPA’s authority to enact sensible and necessary regulations is a dagger aimed at the heart of the post-New Deal administrative state […]
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WASHINGTON, D.C.— Better Markets’ President and CEO Dennis Kelleher and Dedrick Asante Muhammad, Chief of Membership, Policy and Equity at the National Community Reinvestment Coalition, highlight the urgent need for financial market regulators to address racial economic inequality and lay out steps to tackle these persisting issues in an Op Ed in the American Banker. […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the Federal Reserve’s release of the results of its 2022 Dodd-Frank Act stress test: “Despite a heightened, near-unprecedented combination of simultaneous shocks and risks to the economy and the financial system — from a pandemic and war to skyrocketing inflation and speculative financial […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement in connection with the Basel Committee on Banking Supervision’s finalization of its principles around the management of climate-related financial risks: “The Basel Committee on Banking Supervision (the Committee) is responsible for setting international standards for banking institutions, and we welcomed the opportunity to comment […]
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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 in response to the agency’s proposal to enhance the disclosure of the climate-related risks facing companies: “No company will be able to escape the financial consequences of climate change, […]
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WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO, issued the following statement upon the Senate’s confirmation of President Biden’s nominees Jamie Lizárraga and Mark Uyeda to serve as commissioners at the Securities and Exchange Commission: “We applaud the Senate for confirming President Biden’s nominees Jamie Lizárraga and Mark Uyeda to serve as commissioners at the […]
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WASHINGTON, D.C.— President and CEO Dennis M. Kelleher issued the following statement in connection with sending a letter to Commodity Futures Trading Commission (CFTC) Chair Russ Behnam raising concerns related to the consideration of FTX’s auto-liquidation proposal: “Today Better Markets sent a letter to Chair Russ Behnam of the CFTC urging him to ensure the […]
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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 that enhances investor protections and brings “Special Purpose Acquisition Companies” (“SPACs”) into closer regulatory alignment with traditional IPOs: “90 percent of […]
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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 in response to the agency’s proposed rules on security-based swap execution facilities: “These rules have taken years to develop but they will finally establish a critical set of reforms we need […]
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WASHINGTON, D.C.— Better Markets President and CEO Dennis M. Kelleher issued the following statement in response to the speech by SEC Chair Gary Gensler at the Piper Sandler Global Exchange Conference today: “We applaud Chair Gensler’s focus on the SEC’s core mission of protecting the best interests of investors and markets. Competitive, transparent markets with […]
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Washington, D.C. – Anton Becker has joined Better Markets as Director of Communications. Becker, a Capitol Hill veteran who has served as a Communications Director and Press Secretary for Members of Congress, brings more than a decade of experience in communications and public affairs to Better Markets. He will oversee the organization’s comprehensive communications strategy […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the filing of Better Markets comment letter to the Federal Deposit Insurance Corporation (FDIC) on their request for comments regarding its proposed principles for climate-related financial risk management for large banks. “We applaud the FDIC for incorporating climate-related financial risks into its risk management expectations […]
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WASHINGTON, D.C.— Better Markets’ Legal Director and Securities Specialist Steve Hall and Christine Lazaro, Professor of Clinical Legal Education and Director of the Securities Arbitration Clinic at St. John’s University School of Law, highlight the urgent need for the U.S. Department of Labor to strengthen protections for retirement investors and require financial advisors always to act […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the announcement by the Basel Committee on a modification that will reduce the capital buffer for systemically important European banks. “Today the Basel Committee – an organization that exists to set global minimum standards for banks – announced a lowering of capital standards […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the filing of Better Markets comment letter to the Federal Deposit Insurance Corporation on their request for information and comment on ways in which the review of bank mergers could be enhanced. “Federal banking regulatory agencies and the Department of Justice must work together to […]
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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 modernize and expand the definition of those firms that are “dealers” or “government securities dealers” subject to SEC regulation: “This […]
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