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Category: Press Releases

Vice Chairman Clarida’s Resignation Confirms There Is an Epidemic of Ethical and Legal Violations at the Highest Levels of the Federal Reserve

FOR IMMEDIATE RELEASE Monday, January 10, 2022 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement in response to the announced resignation of Federal Reserve’s Vice Chair Clarida: “Federal Reserve Vice Chair Richard Clarida’s conduct in seeking to personally profit […]

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Better Markets Supports CFPB Proposal to Fight Gender and Racial Financial Inequality by Requiring Robust Small Business Lending Data Collection

FOR IMMEDIATE RELEASE Thursday, January 6, 2022 Contact: Doug Walker at 202-618-6430 or [email protected] 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 on its proposal to require financial institutions to collect and report demographic and other data […]

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As Explosive New Facts About Federal Reserve Insider Trading Scandal Are Revealed, Better Markets Renews Call for the Fed to End Its Cover Up and for an Investigation by the Justice Department

FOR IMMEDIATE RELEASE Thursday, January 6, 2022 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement in connection with the New York Times story today about Federal Reserve’s Vice Chair Clarida’s amended trading disclosure: “The New York Times’ explosive story […]

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Better Markets Urges SEC to Rescind Trump-Era Provisions That Make It Harder for Investors to Receive Independent Advice on Proxy Votes

FOR IMMEDIATE RELEASE Tuesday, December 28, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] 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 regarding its proposal to rescind Trump-era requirements that unnecessarily burden proxy advisory firms: “We support […]

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Better Markets Letter Supports Enhanced Disclosure of Proxy Voting by Registered Investment Companies

FOR IMMEDIATE RELEASE Wednesday, December 15, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Stephen Hall, Better Markets’ Legal Director and Securities Specialist, released the following statement on the filing of a comment letter to the U.S. Securities and Exchange Commission in support of a proposed rule that will enhance transparency in the way […]

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Better Markets Applauds the OCC For Rescinding Unilateral, Fatally Flawed, and Grossly Deficient Rewrite of the Community Reinvestment Act

FOR IMMEDIATE RELEASE Tuesday December 14, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement on today’s action by the Office of the Comptroller of the Currency to rescind its rule to rewrite the Community Reinvestment Act: “We applaud […]

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Better Markets Letter Supports Consideration of ESG Factors in Selection of Retirement Plan Investments

FOR IMMEDIATE RELEASE Tuesday, December 14, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Better Markets Legal Director and Securities Specialist Stephen Hall released the following statement on the filing of Better Markets’ response to the Department of Labor’s proposed rule that would amend several provisions of the agency’s Investment Duties regulation: “Better Markets […]

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Given the Growing Number of Too-Big-To-Fail Banks, Better Markets Applauds FDIC For Soliciting the Public’s Input on Its Bank Merger Policies

FOR IMMEDIATE RELEASE Thursday, December 9, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Today, Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement on today’s action by the FDIC to issue a request for information from the public regarding its bank merger policies: “We applaud the FDIC […]

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In Major Victory for Investors, Federal Court Rejects Goldman Sachs’ Claim That Its Fraudulent Statements Were too “Generic” to Matter, as We Argued in the Supreme Court

FOR IMMEDIATE RELEASE Thursday, December 9, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] Washington, D.C.  –  Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the district court’s decision in In re Goldman Sachs Group, Inc. Securities Litigation, issued yesterday and  in line with our amicus brief filed […]

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Better Markets Report Examines Ways the SEC Can Address Racial Economic Inequality Through Securities Regulation

FOR IMMEDIATE RELEASE Thursday, December 9, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement on the release of a new Better Markets report, How Can the SEC Address Racial Economic Inequality Through Regulation of the Securities Markets for All Americans? “In a […]

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The Banking System Must Change to Address Racial Economic Inequality: New Better Markets Report

FOR IMMEDIATE RELEASE Thursday, December 2, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement on the release of Better Markets’ new report, Addressing Racial Economic Inequality through the Banking System: “Generations of discrimination and mistreatment informed by racist beliefs, narratives, laws, […]

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The Supreme Court Should Give Retirement Savers the Chance to Prove Their Claims for Breach of Fiduciary Duty

FOR IMMEDIATE RELEASE Thursday, December 2, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, released the following statement ahead of Monday’s oral argument before the U.S. Supreme Court in the case of Hughes v. Northwestern University: “The Court has an opportunity to improve […]

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Better Markets Urges SEC To Adopt Strong Clawback Rule To Force Executives To Return Undeserved Compensation

WASHINGTON, D.C.—Stephen Hall, Better Markets Legal Director and Securities Specialist, released the following statement on the filing of Better Markets’s supplemental comment letter on recovery of erroneously awarded compensation: “We’re pleased that the SEC is poised to finalize an important rule that will require corporate executives to give back incentive-based compensation that they didn’t deserve. […]

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Better Markets Releases Fact Sheet That Cuts Through the Hype on SPACs

WASHINGTON, D.C.—Stephen Hall, Better Markets Legal Director and Securities Specialist, released the following statement on the release of Better Markets’ Fact Sheet on special purpose acquisition companies: “Special purpose acquisition companies, or SPACs, have become increasingly trendy of late, commanding an increasing amount of attention. They are basically public blank check companies formed to identify […]

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Better Markets Urges CFTC to Remedy Deficient Position Limits Rulemaking

WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, released the following statement on a letter Better Markets filed with the Commodities Futures Trading Commission urging the agency to revisit and repair its rule on position limits: “The CFTC’s position limits rule, issued in January this year, was far too weak and the agency must move […]

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Advocates Request Review of Harms of CME Group Inc.’s Potential Merger with Cboe and a Study on Existing Concentration Problems

Reported Merger Threatens to Further Consolidate CME Group Inc.’s Near-Monopoly and Increase Lack of Competition in Derivatives Markets WASHINGTON— Better Markets and the Open Markets Institute released the following statement concerning their joint letter to antitrust and financial regulators  raising serious concerns about the CME Group’s (CME) near-monopoly in derivatives markets – by some measures […]

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In a New Report, Better Markets Calls on Banking Regulators to Act ASAP to Address Material Risks to the Banking System from Climate Change

FOR IMMEDIATE RELEASE Tuesday, November 2, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Today, Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement regarding the publication of our new report, Climate Change and the Banking System: “As world governments debate national commitments to address the global climate change […]

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Better Markets Applauds OCC Proposal to Rescind its Seriously Flawed 2020 CRA Rule

WASHINGTON, D.C.— Today, Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement regarding the comment letter it filed and two comment letters it signed onto regarding the Office of the Comptroller of the Currency’s proposal to rescind its 2020 Community Reinvestment Act rule: “Better Markets has submitted a comment letter in […]

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The Facts Show that Treasury Secretary Chair Janet Yellen Is Dead Wrong When She Defends Federal Reserve Chair Jay Powell’s Dangerous Deregulation

FOR IMMEDIATE RELEASE Sunday, October 24, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement in response to Treasury Secretary Janet Yellen’s defense of Federal Reserve Chair Jay Powell’s deregulation record: “Treasury Secretary Janet Yellen was dead wrong in […]

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Better Markets’ Look at the U.S. Supreme Court, As It Decides Cases Affecting the Financial Lives of Every American

WASHINGTON, D.C.—Stephen Hall, Better Markets Legal Director and Securities Specialist, released the following statement on the publication of a new Better Markets report, THE SUPREME COURT’S 2021-2022 TERM:  A Review of the Cases Affecting Every American’s Financial Well-Being; A Look Back At Justice Kavanaugh’s Track Record; And An Update On The Court’s Transparency Challenges: “Every […]

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The Fed’s Announcement of New Trading Restrictions Are A Good Start, But They Have to Be Broader and Cannot Be Used to Whitewash The Prior Pandemic Trading; the Stonewalling Must Stop

WASHINGTON, D.C.— Today, Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement regarding the Federal Reserve’s announced new trading policies: “The changes announced today by the Federal Reserve are long overdue and a good start, but don’t go far enough.  First, the policies must be broader and apply to […]

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Statement on Revelations that Federal Reserve Chair Jay Powell Engaged in Personal Trading During the Pandemic in 2020

WASHINGTON, D.C.— Today, Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement regarding the revelations that Federal Reserve Chair Jay Powell traded during the pandemic in 2020: “It was reported yesterday that the most senior leader of the U.S. central bank, Federal Reserve Chair Jay Powell, had substantial personal […]

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The Swearing in of Rohit Chopra as Director of the CFPB Is a Great Day for Consumers Confronting Abusive Payday Lenders, Predatory Banks, and a Broken Student Loan System

Washington, D.C.  –  Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the swearing-in of Rohit Chopra as the new Director of the Consumer Financial Protection Bureau (CFPB): “With Director Chopra officially installed as the CFPB’s Director, we can rest assured that the agency will once again fulfill its […]

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Better Markets Welcomes SEC Investigation of Federal Reserve Pandemic Trading and Confirmation of Applicability of Insider Trading Laws

WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, released the following statement in response to the SEC investigation of Federal Reserve leaders’ trading during the pandemic and confirmation of applicability of insider trading laws to those in government: “As SEC Chairman Gensler testified at the House Financial Services Committee (quoted […]

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Better Markets Urges SEC to Protect Investors From Predatory Trading Platforms

Washington, D.C.  –  Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the filing of a comment letter to the Securities and Exchange Commission (SEC) in response to their Request for Information (RFI) on digital engagement practices (DEPs) and the gamification of investing through online trading platforms and mobile apps: “We commend the […]

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The Fed Trading Scandal Cover Up Must End

The Pandemic Trading Violated Clear Fed Policies and the Fed Must Tell The American People Who Else Traded During the Pandemic WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with a letter he sent to Federal Reserve Chairman Powell: “The Federal Reserve appears to […]

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Consumer Protection Will Again Be The Priority at the Consumer Financial Protection Bureau with New Director Rohit Chopra

WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement regarding the Senate’s confirmation of Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB): “We applaud the Senate for confirming Rohit Chopra as the new Director of the Consumer Financial Protection Bureau (CFPB).  Mr. Chopra is […]

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New SEC General Counsel Dan Berkovitz Is Highly Qualified; Will Aggressively Fulfill SEC Mission to Protect Investors Without Fear or Favor

Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding today’s announcement of Dan Berkovitz as General Counsel of the U.S. Securities and Exchange Commission (“SEC”): “Dan Berkovitz, the SEC next General Counsel, is highly qualified for this position given his decades of varied experience.  His […]

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Contrary to His Testimony Before the Senate Banking Committee Today, Federal Reserve Chair Powell Has Dangerously Deregulated Banks,Making Crashes and Taxpayer Bailouts More Likely

WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to statements made by Chairman Jay Powell during testimony to the Senate today: “Federal Reserve Chair Powell’s responses and non-responses today to Senator Warren’s laudable line of questioning on his dangerous and irresponsible deregulations were misleading,  […]

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Boston Fed President Rosengren’s Early Retirement Is Too Little, Too Late

Chair Powell Must End the Cover Up and Come Clean With The American People: Disclose Everyone At The Fed Who Engaged in Pandemic Profiteering Trading WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with the announcement that Boston Fed President Eric Rosengren is retiring […]

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Fed Chair Powell’s “See No Evil; Hear No Evil; Speak No Evil” Responses to Key Questions About Fed Leaders’ Pandemic Profiteering Trading Raises Serious Questions About His Leadership

FOR IMMEDIATE RELEASE Wednesday, September 22, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with the press conference today by the Chairman of the Federal Reserve:  Chairman Powell’s answers and non-answers at today’s press conference regarding […]

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Questions That Should Be Asked of Federal Reserve Chairman Powell About the Pandemic Profiteering Trading Scandal

FOR IMMEDIATE RELEASE Wednesday, September 22, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following questions that should be asked of the Chairman of the Federal Reserve, Jay Powell, regarding the trading scandal engulfing the central banks:  Has the trading […]

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The Fed Cannot Have a “Do As I Say, Not As I Do” Policy Regarding Legal and Ethical Compliance; It Has to Lead By Example and Terminate Any Fed President Who Engaged in Pandemic Profiteering

FOR IMMEDIATE RELEASE Tuesday, September 21, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with a letter Better Markets sent to the Chairman of the Federal Reserve, Jay Powell, regarding the termination of Fed Presidents who […]

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Fed Chair Powell Must Disclose All Pandemic Profiteering Trading By All Fed Officials and Seek Independent DOJ, SEC and IG Investigations

FOR IMMEDIATE RELEASE Monday, September 20, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected]  WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with a letter Better Markets sent to the Chairman of the Federal Reserve, Jay Powell, regarding the trading by senior Fed officials […]

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Better Markets Joins Amicus Brief Urging U.S. Supreme Court To Help Protect Americans’ Retirement Savings

FOR IMMEDIATE RELEASE Monday, September 13, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.—Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, released the following statement after Better Markets joined with AARP and other prominent public interest groups on a Supreme Court amicus brief filed today in the case of Hughes v. […]

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The Federal Reserve’s FedNow Instant Payments Service Will Provide Great Benefits but Must Also Consider Enhanced Protections

FOR IMMEDIATE RELEASE Thursday, September 9, 2021 Contact: Doug Walker at 202-618-6430 or [email protected]  WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement on a comment letter to the Federal Reserve Board led by the National Consumer Law Center:   “Better Markets joined efforts led by the National Consumer Law […]

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Federal Court Upholds Important Consumer Protections in CFPB Payday Lending Rule, But More Needs to be Done

FOR IMMEDIATE RELEASE Tuesday, September 7, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C. — Today, Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, released the following statement on the U.S. District Court for the Western District of Texas’s recently issued decision to uphold the payment provisions in the Consumer Financial Protection […]

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Statement on SEC Chair Gensler’s Appointment of Barbara Roper as Senior Advisor

FOR IMMEDIATE RELEASE Wednesday, August 25, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement on Securities and Exchange Commission (SEC) Chair Gary Gensler’s appointment of Consumer Federation of America investor protection director Barbara Roper as a senior advisor:  “Chairman […]

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Better Markets Supports the Fed’s Proposed Rulemaking on Debit Card Transactions to Promote Lower Fees

FOR IMMEDIATE RELEASE Wednesday, August 11, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement on the filing of a comment letter to the Federal Reserve Board on proposed clarifications to its debit card transaction policy, Regulation II:   Today Better Markets filed […]

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The Federal Reserve’s Latest Stress Capital Buffers Are Further Proof the Stress Tests Neither Stress Nor Test the Biggest Banks

FOR IMMEDIATE RELEASE Monday, August 9, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement in response to the Federal Reserve’s release of stress capital buffer requirements for the largest banks on August 5, 2021:   “The Federal Reserve’s recently released stressed capital […]

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Better Markets Urges the Fed to Rethink Payment Systems Proposal that Dangerously Expands Fed Lending Access to Undercapitalized and Poorly Run Banks

FOR IMMEDIATE RELEASE Monday, August 2, 2021 Contact: Doug Walker at 202-618-6430 or [email protected]  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 proposed changes to their Payment System Risk policy:   “Today Better Markets filed a comment […]

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Better Markets SCOTUS Report Sums Up Financial, Economic Impact of 2020-21 Term; We Also Preview Fall Cases and Explore Possible Court Reform

FOR IMMEDIATE RELEASE Friday, July 30, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement announcing the release of a special report recapping the U.S. Supreme Court’s 2020-2021 session and highlighting the impact the Court has on the economic […]

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Amazon Takes a Step in the Right Direction on Forced Arbitration, But There’s Room for Improvement

FOR IMMEDIATE RELEASE Tuesday, July 20, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] Washington, D.C.  –  Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on Amazon’s decision to dispense with mandatory arbitration: “Forced arbitration clauses that companies tuck into their fine-print agreements have been the bane of consumers […]

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Contrary to His Statements to the Senate Banking Committee Today, Federal Reserve Chair Powell Has Dangerously Deregulated Banks

FOR IMMEDIATE RELEASE Wednesday, July 15, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to the testimony today of the Chairman of the Federal Reserve, Jay Powell, before the Senate Banking Committee:   “Federal Reserve Chairman Jay Powell’s […]

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A Dangerous Trump-Era Banking Deregulation Becomes Effective Tomorrow

FOR IMMEDIATE RELEASE Tuesday, June 30, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in advance of the effectiveness of the net stable funding ratio (NSFR) liquidity rule tomorrow:   “A lack of liquidity, meaning readily available cash to meet […]

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The Fed’s Increasingly Toothless Stress Tests No Longer Stress or Test the Banks; Are Cover for Wall Street’s Biggest Banks Massive Stock Buybacks

FOR IMMEDIATE RELEASE Thursday, June 24, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to the Federal Reserve’s (Fed) announcement today of the results of the 2021 stress tests: “The Fed’s so-called stress tests no longer stress […]

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House Killing OCC’s Pro-Predators Lending Rule Is a Huge Victory for Financial Consumers

FOR IMMEDIATE RELEASE Thursday, June 24, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] Washington, D.C.  –  Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on today’s House vote to nullify the so-called “true lender” rule issued last October by the Office of the Comptroller of the Currency (“OCC”): […]

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