WASHINGTON, D.C.— A new Better Markets fact sheet released today details how the proliferation of corporate banks harms both the financial system and Americans at large. The rapid increase in corporate bank size and complexity far transcends their beginnings as small, state-chartered loan companies designed to serve factory workers and people with low incomes. Moreover, […]
WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued the following statement in connection with Better Markets’ filing of a Freedom of Information Act (“FOIA”) request with the Commodity Futures Trading Commission (“CFTC”): “In a highly suspicious sequence of events, the CFTC approved a license for ‘QCX LLC’ after three years of inaction but […]
WASHINGTON, D.C. — Dennis Kelleher, President and CEO of Better Markets, issued the following statement in connection with sending a letter to the Commodity Futures Trading Commission (CFTC) regarding Polymarket’s reported acquisition of QCX, a newly approved CFTC registered entity: “Days after the CFTC and Department of Justice (DOJ) dropped their investigations without explanation, the […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “SPACs + Crypto = Buyer Beware”: “The financial industry wants to make it clear that SPACs are back. But investors should be extremely wary of their return. SPACs, or special purpose acquisition companies, […]
WASHINGTON, D.C. — A new report released today by Better Markets exposes the sweeping scope of consumer financial protections that have been dismantled under the second Trump Administration, resulting in the loss of billions of dollars in savings and essential safeguards for American families. The report, The Demise of Consumer Financial Protection Regulations under Trump’s […]
WASHINGTON, D.C. — Cantrell Dumas, Director of Derivatives Policy at Better Markets, issued the following statement in connection with the release of a new fact sheet warning that Washington is once again laying the groundwork for the next financial crisis: “A dangerous wave of deregulation is once again gaining momentum in Washington. Policymakers, lobbyists, and […]
WASHINGTON, D.C.— Statement from Amanda Fischer, Policy Director and COO of Better Markets, on today’s passage of the GENIUS Act (S.1582). and CLARITY Act (H.R. 3633): “When the next financial crisis happens, I fear that we’ll all look back on today’s actions in Congress as a key catalyst. The GENIUS Act increases our financial system’s […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “Crypto Lending Poses Huge Risks for Retail Investors”: “Three years ago this week, crypto lender Celsius Network filed for bankruptcy. Despite promising investors huge interest payments, Celsius’s investments went bad in the […]
WASHINGTON, D.C.— Today, Dennis Kelleher, Co-Founder, President and CEO of Better Markets testified before the U.S. House of Representatives Committee on Financial Services at a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.” In his testimony, Kelleher discussed lessons learned and not learned from the Dodd-Frank Wall Street Reform Law, the decades […]
WASHINGTON, D.C.— It’s “Crypto Week” on the Hill, and the cryptocurrency industry is pushing again for a light-touch framework for crypto trading. However, the only thing truly light-touch is how little Main Street Americans appear to trust the industry, despite crypto’s best efforts to juice polls and fudge claims of broad support. The fact is, […]
WASHINGTON, D.C.—Dennis Kelleher, Cofounder, President, and CEO of Better Markets, issued the following statement on the Circuit Court for the District of Columbia’s recent decision in Institutional Shareholder Services, Inc. v. SEC, No. 24-CV-5105 (D.C. Cir.), a lawsuit challenging a rule from the Trump administration’s first term that made it harder for proxy advisory firms […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement about a comment letter filed in connection with the U.S. Treasury’s implementation of the Trump Administration’s Executive Order, “Modernizing Payments To and From America’s Bank Account: “Most payments flowing to and from America’s bank account are made electronically, including about 96% of Treasury-disbursed […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement on the Federal Reserve’s (Fed) release of the 2025 stress test results: “Today’s announcement of yet another year when 100% of largest U.S. banks passed the Fed’s annual stress tests should alarm, not comfort, every American. This marks the 11th year in a […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO of Better Markets, issued the following statement on the Federal Deposit Insurance Corporation (FDIC) Board’s support for proposed changes to the enhanced supplementary leverage ratio capital requirement: “Letting ideology, Wall Street’s CEOs, and the industry’s special interests drive decisions, rather than facts, merit, and the public interest, […]
WASHINGTON, D.C. — Cantrell Dumas, Director of Derivatives Policy at Better Markets, issued the following statement in connection with the release of a new fact sheet warning about the economic and retail dangers of introducing perpetual futures into U.S. financial markets: “Perpetual futures are a dangerous financial product that has no place in regulated U.S. […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with today’s filing of a comment letter to the Office of the Comptroller of the Currency (“OCC”) on community bank digitization: “Community banks are a vital component of the U.S. banking landscape. Unlike megabanks that operate thousands of branches across multiple states and […]
WASHINGTON, D.C.—Benjamin Schiffrin, Better Markets’ Director of Securities Policy, issued the following statement on today’s filing of Better Markets’ comment letter to the SEC in connection with today’s roundtable on executive compensation disclosure requirements: “Executive compensation disclosure requirements are essential because they lay bare the disparity between the pay of senior executives and the pay […]
WASHINGTON, D.C. — Carolyn Davis has joined Better Markets as Director of Communications. She was most recently the Director of External Communications at Leadership for Educational Equity (LEE) and brings more than a decade of advocacy and communications experience as well as a broad policy research background to Better Markets. She will oversee the organization’s strategic […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement on a meeting of the Federal Reserve’s (Fed) Board of Governors regarding proposed changes to the enhanced supplementary leverage ratio capital requirement: “The only thing standing between a failing bank, a financial crisis, a taxpayer bailout, and economic and human catastrophe is the […]
WASHINGTON, D.C.—Benjamin Schiffrin, Better Markets’ Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “The Cost of Noncompliance with Financial Regulation”: “Almost 25 years ago, the collapse of Enron and WorldCom in a series of accounting scandals rocked the economy. Those scandals cost investors billions of dollars and […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with today’s filing of a comment letter to the Federal Reserve (“Fed”) on proposed modifications to its stress test framework. “The only thing standing between a failing bank, a financial crisis, a taxpayer bailout, and economic and human catastrophe is bank […]
WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement on the announcement by the Senate Banking Democrats on the Digital Assets Subcommittee naming Russ Behnam as their witness at a hearing tomorrow: “Senate Banking Democrats on the Digital Assets Subcommittee just announced that their witness at a hearing tomorrow is […]
WASHINGTON, D.C. — Cantrell Dumas, Director of Derivatives Policy at Better Markets, issued the following statement upon the release of a new fact sheet analyzing the Senate Agriculture Committee’s confirmation hearing for Brian Quintenz, President Trump’s nominee to serve as Chair of the Commodity Futures Trading Commission (CFTC): “The CFTC usually does not make headlines, […]
WASHINGTON, D.C. – Thursday, June 19th marks Juneteenth, a federal holiday recognized in 2021 to commemorate the effective end of slavery in the United States. Economic inclusion remains essential to ensuring that communities of color have the opportunity to thrive. Better Markets has released a Fact Sheet describing how discrimination and limited access to financial services […]
WASHINGTON, D.C.— Amanda Fischer, Policy Director and Chief Operating Officer (COO) for Better Markets, issued the following statement on today’s Senate passage of the GENIUS Act (S.394): “Today’s passage of the GENIUS Act in the Senate puts consumers, investors and the economy at risk. Stablecoins are not the ‘future of payments.’ They instead represent an […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with the SEC withdrawing 14 proposed rules: “Last Thursday, the SEC withdrew 14 rules that it had previously proposed in furtherance of its mission to protect investors. These rules ranged from regulations that would have ensured investors receive the best prices when […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with today’s filing of a comment letter to the Office of the Comptroller of the Currency (OCC) in response to its Interim Final Rule on bank merger oversight: “The OCC’s changes to its merger policy prioritize the interests of the banking […]
WASHINGTON, D.C. — Brady Williams, Legal Counsel for Better Markets, issued the following statement in connection with today’s filing of comment letters in response to the Consumer Financial Protection Bureau’s (CFPB) Requests for Comment on its proposed rule amending the CFPB’s Procedures for Supervisory Designation Proceedings and its proposed rescission of the Registry of Nonbank […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on today’s decision in CFPB v. Townstone Financial, Inc., No. 1:20-cv-04176 (N.D. Ill.): “The court’s decision is a thorough, well-reasoned, and decisive rejection of a shameful effort by the Consumer Financial Protection Bureau, in league with an allegedly racist mortgage broker, to nullify […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Community Bank Funding Challenges and Opportunities.” “Community banks play a central role in ensuring that Main Street can thrive. More than 9 out of every 10 banks in the U.S. are community banks, serving every […]
As agency actions increasingly insulate SEC leadership from accountability, crypto scam risk grows for everyday Americans and older adults WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement on today’s filing of Better Markets’ Comment Letter to the SEC’s Crypto Task Force: “Today, the SEC is hosting a webinar about relationship investment scams […]
WASHINGTON, D.C.—Benjamin Schiffrin, Better Markets’ Director of Securities Policy, issued the following statement in connection with Better Markets’ new Report, “The SEC Must Hold Individuals Accountable for Corporate Misconduct”: “SEC Chair Paul Atkins recently reiterated his longstanding opposition to imposing civil money penalties on corporations in his first Congressional testimony as head of the agency. […]
WASHINGTON, D.C. — Dennis M. Kelleher, Co-founder, President and CEO of Better Markets, issued the following statement ahead of Brian Quintenz’s nomination hearing for Chairman of the Commodity Futures Trading Commission (CFTC). Better Markets has also released a related fact sheet: “Trump’s CFTC Chair Nominee Brian Quintenz’s Deregulatory Record Means Increased Dangers for Markets, Financial […]
WASHINGTON, D.C. — Cantrell Dumas, Director of Derivatives Policy at Better Markets, issued the following statement regarding the latest developments in KalshiEX LLC v. Martin, Case No. 1:25-cv-01283 (D. Md.), where KalshiEX is challenging the Maryland Lottery and Gaming Control Commission’s authority to regulate its sports gambling contracts under state law: “The betting platform KalshiEX […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement on the release of an updated report, The Trump Administration Seeks to Paralyze Agencies with Burdensome and Unworkable Cost-Benefit Analysis, which highlights the resurgence of cost-benefit analysis as a weapon against rules meant to protect investors and markets: “Right […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ New Fact Sheet, “Private Market Assets Do Not Belong in 401(k)s,” and in advance of his participation on a panel discussing retail investors and private markets at an SEC conference on asset management on June 5, 2025: “There is […]
WASHINGTON, D.C. — Dennis M. Kelleher, Co-founder, President and CEO of Better Markets, issued the following statement in response to a report that the Commodity Futures Trading Commission’s (CFTC) Acting Chair, Caroline Pham, is preparing to vote on whether to allow U.S. customers to clear yen interest rate swaps through a noncompliant foreign financial firm, […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement ahead of this week’s Senate vote on Governor Michelle Bowman’s nomination to become Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (“Fed”). “Trump has nominated Fed Gov. Michelle Bowman to become one of the most […]
WASHINGTON, D.C.—Amanda Fischer, Policy Director and COO of Better Markets, issued the following statement in response to the Securities and Exchange Commission’s (SEC) decision to formally drop its lawsuit against Binance, the world’s largest crypto exchange, and its founder Changpeng Zhao (CZ): “This decision marks a new low in the SEC’s already disgraceful recent history […]
WASHINGTON, D.C.—Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a new Fact Sheet: “The Fed’s Bank Stress Tests Protect Americans’ Jobs and Homes: They Need to Be Stronger.” “Stress testing the biggest banks is one of the most important regulatory developments since the 2008 Financial Crisis. Stress […]
WASHINGTON, D.C.—Dennis Kelleher, Cofounder, President, and CEO of Better Markets, issued the following statement on the sentencing of Tim Leissner today in United States v. Leissner, 18-CR-439 (E.D.N.Y.): “The good news is that the Goldman Sachs partner who orchestrated and led the bank’s central involvement in the 1MDB scandal is going to prison. The bad […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in response to a Bloomberg report that the Federal Reserve has disbanded its groups that examine climate-related financial risks for large banks: “Today’s report that the Federal Reserve (“Fed”) has disbanded its internal groups that assess the exposure of the largest, […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist of Better Markets, issued the following statement in response to the Department of Labor rescinding guidance warning managers of retirement plans of the risks of offering employees crypto assets like Bitcoin and Ethereum: “Today is another flagrant example of the Trump Administration putting crypto profits ahead […]
WASHINGTON, D.C.—Dennis Kelleher, Cofounder, President, and CEO of Better Markets, issued the following statement on the sentencing of Tim Leissner, scheduled for this Thursday, May 29th, and the release of the attached “Memo to Interested Parties” that Better Markets is issuing today: “Goldman Sachs, via partner and senior executive Tim Leissner and at least 30 […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the Supreme Court’s hasty decision to allow the lawless firing of agency heads before the complex Constitutional issues are fully litigated on the merits, in Trump v. Wilcox, No. 24A966 (S. Ct.): “In yesterday’s order, the Supreme Court abruptly sided with President […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement on SEC Chair Paul Atkins’s Congressional testimony earlier today: “Chair Atkins’s testimony reflected the SEC’s—and Congress’s—continued preoccupation with crypto. Following the Senate’s vote last night to send a bill legitimizing stablecoins to the floor, Chair Atkins said one of his top priorities is the […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Report, “Private Securities Offerings Should Be the Exception, Not the Rule”: “Our public capital markets are the envy of the world, but the ever-expanding exemptions from the requirement that most securities offerings be registered public offerings are bleeding […]
WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and CEO of Better Markets, issued the following statement in advance of tomorrow’s noticed FDIC Board Meeting, where the 2024 merger policy will be withdrawn and replaced with a weaker, outdated one: “At the meeting tomorrow, the FDIC plans to enact a politically motivated, irresponsible, baseless, and unnecessary merger policy […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement regarding the withdrawal by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority, Inc. (FINRA) of their July 8, 2019 Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities: “The SEC’s and FINRA’s decision to withdraw their joint staff statement regarding […]
Washington, D.C.—Dennis M. Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, and Adam Connaker, Director of Impact Investing at the Surdna Foundation, issued the following statement today announcing a new partnership: “Millions of Americans continue to face serious threats to their economic security,” said Mr. Kelleher. “This partnership reflects our shared commitment to […]
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