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Category: Press Releases

Trump’s Budget In Fact Proposes Slashing the CFTC Budget by $57 Million or 20%, Taking the Derivatives Cops off the Beat as Wall Street’s Biggest Banks Want

FOR IMMEDIATE RELEASE Monday, February 10, 2020 Contact: 202-618-6433, [email protected] Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the President’s proposed fiscal year 2021 budget for the Commodity Futures Trading Commission (CFTC): “Dangerous derivatives were at the core of causing and spreading the 2008 financial […]

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The SEC’s Latest Anti-Investor Proposals Regarding Proxy Firms and Proxy Access Will Further Entrench Conflicted Management

FOR IMMEDIATE RELEASE Tuesday, February 4, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor of Better Markets, issued the following statement regarding the Securities and Exchange Commission’s (SEC) proposals on proxy advice and shareholder proposals: “The SEC’s proposals regarding proxy firms and shareholder proposals will help entrench existing management and make […]

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Today’s Action By Federal Reserve Against Senior Goldman Sachs Executive for Connection to 1MDB Crimes Should Be Just the Beginning

FOR IMMEDIATE RELEASE Tuesday, February 4, 2020 Contact: 202-618-6433, [email protected] Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the Federal Reserve’s permanent bar against a senior executive of Goldman Sachs for his actions in connection with 1MDB: “The Department of Justice labeled a Goldman […]

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CFTC Proposal Fails to Stop Excessive Speculation in the Commodities Markets, Driving Up Main Street Prices for Cereal, Bread, Gas, Soda, Beer and Much More

FOR IMMEDIATE RELEASE Thursday, January 30, 2020 Contact: [email protected], 202-618-6433 Washington, D.C.  –  Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the Commodity Futures Trading Commission’s (CFTC) newest proposal of a position limits rule: “The CFTC is required by law to prevent excess speculation in the derivatives […]

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The Volcker Rule Loopholes Proposed Today Further Reopen the Gambling Casino at Wall Street’s Biggest Banks by Allowing More Proprietary Trading

FOR IMMEDIATE RELEASE Thursday, January 30, 2020 Contact:  [email protected], 202-618-6433 Washington, D.C.  –  Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the action taken by Board of Governors of the Federal Reserve (“Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”), and the Commodities Futures Trading Commission (“CFTC”) […]

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Better Markets and Consumer Protection Organizations Defend Authority of the SEC to Seek Orders Forcing Scam Artists to Give Back What They Stole

FOR IMMEDIATE RELEASE Thursday, January 23, 2020 Contact: 202-618-6433, [email protected] Washington, D.C.  –  Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement about the amicus brief filed in the Supreme Court by Better Markets, the Center for Responsible Lending, and the National Consumer Law Center, in Liu v. SEC on […]

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In Delivering a Speech That Could Have Been Written By Wall Street’s Biggest Banks, the Federal Reserve Vice Chair for Supervision Fails to Mention 2008 Crash or the Fed’s Widespread Supervisory Failures in Contributing to It

FOR IMMEDIATE RELEASE Friday, January 17, 2020 Contact:  Christopher Elliott, 202-618-6433 [email protected] Washington, D.C.  –  Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement in response to a speech by the Vice Chairman for Supervision for the Federal Reserve, Randal Quarles: “The Vice Chairman for Supervision at the Federal Reserve Board […]

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Better Markets Statement on SEC Commissioner Rob Jackson’s Departure

FOR IMMEDIATE RELEASE Thursday, January 16, 2020 Contact:  Christopher Elliott, 202-618-6433 [email protected] Washington, D.C.  –  Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement in response to the announced upcoming departure of SEC Commissioner Rob Jackson: “SEC Commissioner Rob Jackson knows that the financial industry’s agenda of using regulation and regulators […]

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SEC’s Market Structure Actions Today Maintains Unacceptable and Harmful Status Quo

FOR IMMEDIATE RELEASE Wednesday, January 8, 2020 Contact:  Christopher Elliott, 202-618-6433, [email protected] Washington, D.C.  –  Lev Bagramian, Senior Securities Policy Advisor, issued the following statement in response to the actions taken by the Securities and Exchange Commission (SEC) today at the meeting that approved on a party-line 3-2 vote a proposal regarding stock exchanges and […]

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Better Markets and the Consumer Federation of America File A Brief Supporting the Legal Challenge to the SEC’s Unlawful and Misleading Rule That Will NOT Put a Stop to Conflicted Financial Advice

FOR IMMEDIATE RELEASE Monday, January 6, 2020 Contact:  Christopher Elliott, 202-618-6433 [email protected] Washington, D.C.  –  Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement about the amicus brief filed by Better Markets and the Consumer Federation of America (CFA) in support of a legal challenge to the SEC’s “Regulation […]

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Better Markets Applauds the CFTC’s Bipartisan Action to Limit Dealer Domination of the Derivatives Markets

FOR IMMEDIATE RELEASE Thursday, December 19, 2019 Contact:  Christopher Elliott, 202-618-6433, [email protected] Washington, D.C.  –  Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the Commodity Futures Trading Commission’s (CFTC) proposed elimination of post-trade name give-up, a practice that for too long has enabled dealer domination of the […]

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SEC’s Actions Unwisely Expose Main Street Investors to High-Risk Investment Choices and Unscrupulous Financial Professionals

FOR IMMEDIATE RELEASE Wednesday, December 18, 2019 Contact:  Christopher Elliott, 202-618-6433, [email protected] Washington, D.C.  –  Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response to the SEC’s regulatory actions: “Christmas came early for Wall Street today as the SEC opened a big bag of gifts for the financial industry […]

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The SEC and Justice Department Should Investigate Allegations That Fraudulent Comment Letters Were Submitted in Support of Recent Rule Proposals Favoring Vested Corporate Interests

FOR IMMEDIATE RELEASE Monday, December 9, 2019 Contact:  Christopher Elliott, 202-618-6433, [email protected] Washington, D.C.  –  Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement after Better Markets called upon the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) to investigate allegations that dozens of fraudulent or […]

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Statement of Dennis Kelleher on the Death of Paul A. Volcker

FOR IMMEDIATE RELEASE Monday, December 9, 2019 Contact:  Christopher Elliott, 202-618-6433, [email protected] Washington, D.C.  –  Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with the death of Paul A. Volcker: “The passing of Paul Volcker is a tremendous loss for his family, friends and, indeed, the country.  […]

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DOL Secretary Scalia Should Recuse Himself From Participating in the Fiduciary Duty Rulemaking Process After Fighting for Years to Kill It

FOR IMMEDIATE RELEASE Tuesday, October 29, 2019 Contact:  Christopher Elliott, 202-618-6433 Washington, D.C.  –  Dennis Kelleher, Chief Executive Officer of Better Markets, issued the following statement in response to reports that government ethics rules won’t prevent Eugene Scalia from participating in the Department of Labor’s re-write of a key investor protection rule: “On behalf of […]

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Better Markets Supports the SEC Fighting for Investors Over the Industry for the Consolidated Audit Trail (CAT)

FOR IMMEDIATE RELEASE Tuesday, October 29, 2019 Contact: Christopher Elliott, 202-618-6433 Washington, D.C.  –  Dennis Kelleher, Chief Executive Officer of Better Markets, issued the following statement in response to the SEC’s proposed amendments to the national market system plan governing the Consolidated Audit Trail (CAT): “The Consolidated Audit Trail (CAT) promises to be a revolutionary […]

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Bank Regulators Give Wall Street $40 Billion Deregulatory Gift While Significantly Increasing Derivatives Risks to the Financial System & Taxpayers

FOR IMMEDIATE RELEASE Monday, October 28, 2019 Contact: Christopher Elliott, 202-618-6433 Washington, D.C.  –  Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the Office of the Comptroller, Federal Deposit Insurance Corporation, Farm Credit Administration, Federal Housing Finance Agency, and the Board of Governors of the Federal Reserve […]

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Congress Must Hold the SEC and CAT NMS Accountable for Failure to Create the Consolidated Audit Trail

FOR IMMEDIATE RELEASE Monday, October 21, 2019 Contact: [email protected] or (202)618-6433 Washington, D.C.  –  Lev Bagramian, Senior Securities Policy Advisor of Better Markets, issued the following statement in advance of the Senate Banking Committee’s hearing on “Oversight of the Status of the Consolidated Audit Trail,” scheduled for Tuesday, October 22, 2019: The Senate Banking Committee, […]

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Release | SPECIAL REPORT: The Supreme Court Has an Enormous Impact on the Financial Well-Being of Every American

FOR IMMEDIATE RELEASE Friday, October 4, 2019 Contact: [email protected] or (202)618-6433 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 highlighting the powerful impact of the Supreme Court on the financial well-being of all Americans: “Our report reviews the […]

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Tim P. Clark, The Former Deputy Director of the Division for Supervision and Regulation for the Federal Reserve Board, Joins Better Markets

FOR IMMEDIATE RELEASE Wednesday, October 2, 2019 Contact: [email protected] or (202)618-6433 Washington, D.C.  –  Dennis M. Kelleher, President and CEO of Better Markets, announces that Tim P. Clark, a 23-year veteran of the Federal Reserve and former Deputy Director of the Division for Supervision and Regulation for the Federal Reserve Board, will serve as Distinguished Senior […]

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SEC’s Release on Private Markets Will Hurt Public Markets and Main Street Investors, Better Markets Details in Comment Letter

FOR IMMEDIATE RELEASE Tuesday, September 24, 2019 Contact: [email protected] Washington, D.C.  –  Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with filing a comment letter today on the SEC’s Concept Release on Harmonization of Securities Offering Exemptions: “The SEC’s so-called ‘harmonization’ concept release contemplates building on and […]

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Better Markets Comments on the CFTC’s Approval of the Revised and Weakened Volcker Rule

FOR IMMEDIATE RELEASE Monday, September 16, 2019 Contact: [email protected] Washington, D.C.  –  Joseph R. Cisewski, Senior Derivatives Consultant for Better Markets, issued the following statement with respect to the Commodity Futures Trading Commission’s (CFTC) adoption of the revised Volcker Rule: “The CFTC today celebrated the anniversary of the collapse of Lehman Brothers by approving a […]

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On Anniversary of Lehman Brothers’ Collapse, Better Markets Releases Presentation on the State of Financial Reform

FOR IMMEDIATE RELEASE Friday, September 13, 2019 Contact: [email protected] Washington, D.C.  –  Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with the release of a “Presentation on the State of Financial Reform on the Anniversary of the Crash of Lehman Brothers”: “The Wall Street investment bank, Lehman Brothers, […]

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CFTC to Gut the Volcker Rule on Anniversary of Lehman Brothers Crash: Ignoring the 2008 Crash, Laying the Groundwork for the Next One

FOR IMMEDIATE RELEASE Wednesday, September 11, 2019 Contact: [email protected] Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) upcoming meeting to finalize a substantially weakened Volcker Rule on the anniversary of the collapse of Lehman Brothers: “The anniversary of the […]

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States’ Lawsuit Stands Up for Investors by Challenging the SEC’s Anti-Investor Investment Advice Rule

FOR IMMEDIATE RELEASE Tuesday, September 10, 2019 Contact: [email protected] Washington, D.C.  –  Stephen W. Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement following news that seven states have filed a lawsuit in Federal Court challenging the SEC’s so-called “Regulation Best Interest”: “This is a good day for investors, and we […]

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PRESS RELEASE: Fact Sheet on New Volcker Rule Detailing Substantial Changes and Correcting Misinformation

FOR IMMEDIATE RELEASE Wednesday, August 28, 2019 Contact: [email protected] Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the recently announced new Volcker Rule: “Better Markets today issued a Fact Sheet on the new Volcker Rule to correct the misimpression and misstatements that […]

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SEC Votes to Limit Shareholders’ Rights and Access to Information

FOR IMMEDIATE RELEASE Wednesday, August 21, 2019 Contact: [email protected] Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the Securities and Exchange Commission’s (SEC) votes today on shareholder voting and proxy rules applicable to voting advice: “For years, corporate management and the Chamber […]

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Volcker Rule Changes Are Unjustified, Unnecessary, Dangerous and Come At The Worst Possible Time

FOR IMMEDIATE RELEASE Tuesday, August 20, 2019 Contact: [email protected] Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the revised Volcker Rule finalized by the Federal Deposit Insurance Corporation (FDIC) this morning: “Proprietary trading by Wall Street’s biggest banks and derivatives dealers generates […]

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Stop Wall Street’s Biggest Banks from Gambling

FOR IMMEDIATE RELEASE Friday, August 9, 2019 Contact: [email protected] Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the new Office of Financial Research (“OFR”) staff paper on the purported bond-market liquidity effects of the Volcker Rule: “The ‘staff working paper’ released by […]

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CFTC Staff Relief for HFT Traders Potentially Positive, But Must Be Carefully Monitored

FOR IMMEDIATE RELEASE Friday, July 1, 2019 Contact:  Jon Pattee at [email protected] Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement relating to the Commodities Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight’s (DSIO) relief from swap dealer registration for Floor Traders meeting […]

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The SEC’s Deregulation Proposal Today Lets Executives Off the Hook for Financial Fraud, Which Will Make Such Fraud More Likely

FOR IMMEDIATE RELEASE Thursday, May 9, 2019 Contact: Press at [email protected] Washington, D.C.  –  Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the Securities and Exchange Commission’s (SEC) proposed rollback of Sarbanes Oxley’s 404(b)’s requirement that auditors attest to the adequacy of certain companies’ internal controls: “Nothing focuses […]

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Like Jon Snow in Game of Thrones Wielding Longclaw, Former CFTC Commissioner Bart Chilton Effectively Cut Through Wall Street's Propaganda

FOR IMMEDIATE RELEASE Monday, April 29, 2019 Contact: Carol Kaplan, 202-618-6430 or [email protected] Washington, D.C.  –  Dennis Kelleher, President and CEO of Better Markets, issued the following statement in remembrance of former CFTC Commissioner Bart Chilton: “Former CFTC Commissioner Bart Chilton knew better than most how Wall Street’s biggest derivatives dealers used impenetrable jargon and […]

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With DOJ Considering Criminal Charges Against Goldman Sachs, Better Markets Releases Report on the Bank’s Extensive Involvement in the Malaysian 1MBD Corruption Scandal

FOR IMMEDIATE RELEASE Thursday, April 25, 2019 Contact: Carol Kaplan, 202-618-6430 or [email protected] GOLDMAN SACHS’ “FOUR MONKEYS” DEFENSE SHOULD BE REJECTED Washington, D.C. – With the Department of Justice considering criminal charges against Goldman Sachs for its involvement in the 1MDB crime spree and with Attorney General Barr obtaining a waiver to act in the […]

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If Wells Fargo is Going to Be Successful, the Board Must Pick a Commercial/Retail Bank Leader As Its Next CEO

FOR IMMEDIATE RELEASE Thursday, March 28, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C.  –  Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement on the announcement of the coming retirement of Wells Fargo CEO, Tim Sloan: “Before it became a customer predator, Wells Fargo was America’s bank, focused […]

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CFTC’s Deregulatory Actions Today Create a Vast "De Maximus" Swap Dealer Exemption That is Illegal and Dangerous

FOR IMMEDIATE RELEASE Monday, March 25, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C.  –  Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) creation of a new exemption for bank swaps dealing activities in violation of the law: “Unregulated swaps dealing […]

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“Out of Business” FSOC Puts Another Nail in Its Own Coffin

FOR IMMEDIATE RELEASE Wednesday, March 6, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected]   “Out of Business” FSOC Puts Another Nail in Its Own Coffin Washington, D.C. – Following the announcement today from the Financial Stability Oversight Council (FSOC) that it would be putting forth a proposal to shift to activities-based regulation of nonbanks, Dennis […]

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Fed’s Stress Test Changes Shortchange the Public and Markets

FOR IMMEDIATE RELEASE Wednesday, March 6, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] Fed’s Stress Test Changes Shortchange the Public and Markets Washington, D.C. – Following the Federal Reserve’s announcement of changes to stress tests, Dennis Kelleher, president and CEO of Better Markets, issued this statement: “The Fed seems to be enacting a double standard […]

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FED RISKS SNATCHING DEFEAT FROM THE JAWS OF VICTORY

FOR IMMEDIATE RELEASE Tuesday, February 5, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] FED RISKS SNATCHING DEFEAT FROM THE JAWS OF VICTORY Washington, D.C. – Dennis Kelleher, president and CEO of Better Markets, issued the following statement following the announcement by the Fed finalizing changes to bank stress tests: “The Fed’s rigorous and independent stress […]

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CFTC GRANTS BETTER MARKETS REQUEST

FOR IMMEDIATE RELEASE Friday, January 25, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] CFTC GRANTS BETTER MARKETS REQUEST TO EXTEND PUBLIC COMMENT PERIOD ON SWAP EXECUTION FACILITIES (SEF) RULE Washington, D.C. – Dennis Kelleher, president and CEO of Better Markets, issued the following statement following an announcement by Chairman of the Commodity and Trading Futures […]

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