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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WASHINGTON, D.C.— President and CEO Dennis M. Kelleher issued the following statement on the CFTC’s May 25 public roundtable on intermediation in derivatives trading and clearing, which was precipitated by FTX’s application to offer non-intermediated, margined clearing of Bitcoin futures products. On May 11, Better Markets filed a comment letter with the CFTC on FTX’s […]
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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 would remove references to credit ratings from Regulation M: “Even before the 2008 financial crisis, when wildly inflated credit ratings […]
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Washington, D.C. – Dennis Kelleher, President and CEO, issued the following statement in connection with the release today of Better Markets’ Rap Sheet Report: “The Report we are releasing today shows that Wall Street’s biggest banks have racked another $1 billion in fines in 35 cases in just the last 15 months. This lawbreaking comes […]
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WASHINGTON, D.C.— Better Markets President and CEO Dennis M. Kelleher issued the following statement on the release of a letter by more than 50 leading economists regarding the United Kingdom’s proposal to make “competitiveness” a greater focus in financial regulation: “Financial firms, their lobbyists, and political allies have used ‘competitiveness’ claims for decades as a […]
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WASHINGTON, D.C.— Better Markets President and CEO Dennis M. Kelleher issued the following statement on the filing of Better Markets’ Comment Letter to the Commodity Futures Trading Commission (CFTC) in response to the agency’s request for comment on FTX’s proposal to offer non-intermediated, margined clearing of Bitcoin futures products: “FTX has filed an application with […]
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WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the Senate’s confirmation of Dr. Lisa Cook to be a Governor of the Federal Reserve Board. “For too long, too many talented, experienced, and highly qualified Americans have been discriminated against and excluded from the corridors of power […]
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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 would establish comprehensive cybersecurity disclosure requirements for publicly traded companies: “This proposal represents a major step forward in making sure […]
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WASHINGTON, D.C.— Anton Becker, Communications Director at Better Markets, released the following statement on Washingtonian Magazine selection of Better Markets co-founder, CEO and President, Dennis Kelleher, as one of the most influential people shaping policy in the banking and finance policy areas for the second year in a row: “Better Markets congratulates our co-founder, CEO […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement upon the Federal Reserve’s release today of its semi-annual report on supervision and regulation: “Wall Street’s biggest banks remain far too dangerous due to their ongoing failures of basic risk management as highlighted by the Federal Reserve’s semi-annual report on Supervision […]
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WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the release of a proposal to overhaul the Community Reinvestment Act (CRA): “Few laws have more potential to meaningfully improve the lives and livelihoods of tens of millions of Americans than the Community Reinvestment Act (CRA). However, it […]
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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 proposal to bring more transparency to short selling activity: “To protect investors and markets, short selling transparency must be increased. Disclosures must be […]
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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) on the agency’s proposed rule that would require enhanced disclosures by private fund advisers and prohibit adviser practices that are especially harmful to fund investors: “The private funds […]
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Washington, D.C. – Better Markets and several other prominent public interest organizations sent a letter to the U.S. Department of Labor’s Employee Benefits Security Administration supporting its recent Compliance Assistance Release, which cautions plan fiduciaries to “exercise extreme care” before adding cryptocurrency investment options to 401 (k) plans. The letter, led by the Consumer Federation […]
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WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the Senate’s confirmation of Lael Brainard to be Vice Chair of the Federal Reserve Board. “Lael Brainard is a model public servant who has provided outstanding, dedicated and nonpartisan service to the country for many years. The Senate’s […]
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WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy for Better Markets, released the following statement on the filing of a comment letter to the Federal Reserve Board on its proposed guidelines for Reserve Banks when assessing applications for Federal Reserve accounts and services: “Unfortunately, the Federal Reserve’s proposed guidelines around assessments of access request to Fed […]
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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 applies Regulation ATS governing “alternative trading systems” to platforms trading government securities and appropriately regulates Communication Protocol Systems as exchanges: […]
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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) on the agency’s proposal to enhance cybersecurity standards applicable to registered advisers and investment companies: “Despite the increasing number and sophistication of cyberattacks and data breaches in our […]
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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) on the agency’s proposal to revise its rules governing reporting by those who acquire large ownership interests in public companies. “The SEC has rightly decided that it’s time […]
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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) on the agency’s proposal to rollback harmful limits on whistleblower awards: “The SEC’s whistleblower program has been an enormous success, yet in 2020, the SEC adopted rules that […]
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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 proposal on additional money market fund (MMF) reforms: “The stable NAV, which is still maintained by many MMFs, is a fiction bordering on […]
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