Washington, D.C., February 02, 2015 – Dennis Kelleher, President and CEO of Better Markets, announced today that Jeff Gohringer has been named Communications Director. Gohringer will develop and implement Better Markets’ comprehensive communications strategy across all platforms. “Jeff is a proven strategist with the skills and experience necessary to help us fight for the American […]
Washington, D.C., January 21, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement on today’s Financial Stability Oversight Council (FSOC) meeting: “In 2008, American taxpayers were put on the hook for trillions of dollars in bad bets made by AIG and other unregulated financial firms. The Financial Stability Oversight Council’s […]
Washington, D.C., January 20, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today regarding the President’s proposal to impose a tiny fee on the nation’s handful of largest banks: “The President’s proposed fee on the largest banks’ liabilities is tiny, targeted and will not affect consumers, savings, lending, growth or […]
SaveOurRetirement.org will educate workers and retirees about the “Retirement Advice Loophole” – and mobilize public support to close it Washington, D.C., January 15, 2015. A broad range of national public interest organizations have joined forces in a new campaign to protect Americans from the “Retirement Advice Loophole” that can drain away thousands of dollars of […]
Washington, D.C., January 14, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement on today’s SEC votes adopting rules to implement the new reporting framework for transactions in security-based swaps: “The SEC should be applauded for taking strong action today on a number of critical issues that should reduce the […]
Washington, D.C., January 13, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today in advance of the SEC’s meeting and votes tomorrow: “Executives and management at financial firms too often subordinated compliance to the high risk pursuit of ever bigger profits and bonuses. It is often viewed as an […]
Washington, D.C., January 13, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today in advance of more votes this week in the House of Representatives that put Wall Street’s bonuses and deregulation above all other issues: “Just one week after being sworn into office, the House of Representatives is […]
Washington, D.C., January 12, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today in response to Antonio Weiss withdrawing from consideration to be the Undersecretary of Domestic Finance for the Department of the Treasury: “Avoiding the public Senate confirmation process but nevertheless installing Mr. Weiss in a […]
Washington, D.C., January 05, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today on the hiring of Mr. Zachary Schechter-Steinberg, previously a senior staff member of the United States Senate Committee on Health, Education, Labor, and Pensions: “I am pleased to welcome Zach to Better Markets. He brings over […]
Washington, D.C., December 18, 2014 – Dennis Kelleher, President and CEO of Better Markets, made the following statement today on the Federal Reserve Board’s latest extension for Wall Street’s biggest banks to comply with the financial reform law: “The refusal or inability of Wall Street’s biggest too big to fail banks to comply with the financial reform law is […]
Washington, D.C., December 10, 2014 – Dennis Kelleher, President and CEO of Better Markets, made the following statement today on the repeal of a key Dodd Frank financial reform provision in the “CRomnibus” budget agreement: “The sneaky, midnight repeal of a key provision of the Dodd Frank financial reform law in the budget agreement is […]
Washington, D.C., November 21, 2014 – Dennis Kelleher, President and CEO of Better Markets, made the following statement today in response to the testimony of the President of the Federal Reserve Bank of New York before a Senate Banking Subcommittee. “The Federal Reserve Bank of New York is a secretive regulator that has repeatedly failed to do its job […]
Washington, D.C., November 19, 2014 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today in response to a bill filed by Senator Jack Reed (D-RI) that calls for the President of the Federal Reserve Bank of New York to be nominated by the President and confirmed by the Senate: “No […]
Washington, D.C., November 12, 2014 – Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, issued the following statement today: “The breadth, brazenness, scope and duration of the global conspiracy to manipulate the foreign exchange markets are staggering. Yet, the global too-big-to-fail banks […]
Better Markets is announcing two changes to its communications office. First, the Communications Director, Alex Formuzis, is leaving due to family matters and relocating to California. Second, it has hired a new Digital Communications Associate, Jesse Medalia Strauss, to strengthen our social and digital media activities. In addition to digital communications, Jesse will also handle […]
Washington, D.C., September 17, 2014 – Millions of hardworking Americans who have spent years saving for retirement are receiving financial guidance from professional advisers who are not obligated to act in the best interest of their clients, resulting in a huge drain on retirement savings for many workers and retirees, wrote a group of leading […]
Washington, D.C., September 16, 2014 – Today, a federal court in Washington, D.C. dealt a serious blow to Wall Street’s derivatives dealers’ relentless campaign to defeat financial reform. With one small exception, the Court firmly rejected the plaintiffs’ challenges to the Commodity Futures Trading Commission’s (CFTC) cross-border guidance and rules on derivatives transactions overseas, said Better […]
Washington, D.C. – July 11, 2014 – Ms. Irina Leonova, who has held a number of important positions at financial regulatory agencies in the United States and Europe, joins Better Markets as the nonprofit’s Banking Specialist. “Irina’s deep knowledge and experience working in the banking and financial regulatory arena in both the U.S. and Europe […]
Washington, D.C., September 15, 2014 – Adding insult to America’s economic injury, the Republican House Leadership, as early as this evening, could hand a gift to Wall Street by voting on yet another deregulation bill on the 6th Anniversary of the collapse of Lehman Brothers, said Better Markets. Today’s vote will likely include several controversial […]
Washington, D.C. August 27, 2014 — Today, the U.S. Securities and Exchange Commission finalized an important rule that will help strengthen oversight of credit rating agencies, which played a major role in the financial crisis of 2008. Dennis Kelleher, President and CEO of Better Markets issued the following statement in response to the SEC’s vote […]
Washington, D.C. August 27, 2014 — Today, the U.S. Securities and Exchange Commission unanimously adopted a final rule that appears to be a significant step forward in reforming the securitization market, which was at the center of the financial crisis of 2008, said Better Markets. Dennis Kelleher, President and CEO of Better Markets issued the […]
Washington, D.C., August 21, 2014 – Dennis Kelleher, the President and CEO of Better Markets, issued the following statement in response to the settlement reached between the U.S. Department of Justice and Bank of America regarding the bank’s illegal conduct inflating the subprime lending bubble and contributing to the financial crash in 2008: “DOJ’s latest […]
Washington, D.C., August 6, 2014 – Dennis Kelleher, the President and CEO of Better Markets, issued the following statement on the media reports that the U.S. Department of Justice and Bank of America have come to a settlement deal over the bank’s illegal conduct inflating the subprime lending bubble and contributing to the financial crash […]
Washington, D.C., August 6, 2014 – This week, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) found the resolution plans or “living wills” submitted by Wall Street’s eleven largest banks grossly deficient. That should surprise no one. Workable and effective resolution plans are a key part of the new financial reform law to […]
Washington, D.C., July 23, 2014 – Today, the federal Securities and Exchange Commission (SEC) left investors and the entire economy at further risk by leaving large loopholes in its final rule for the regulation of money market funds, said Better Markets. Better Markets President and CEO issued the following statement in response to today’s vote […]
Washington, D.C. – July 23, 2014 – Better Markets President and CEO Dennis Kelleher issued the following statement today in response to the announcement that CFTC Commissioner Scott O’Malia will be joining derivatives industry group, ISDA: “Killing public trust and reeking of conflicts of interest, senior government officials cashing in and influence peddling are […]
Washington, D.C. – July 17, 2014 – On the 4th anniversary of the passage of the Dodd-Frank law and nearly 6 years since the financial collapse of 2008, American voters still distrust Wall Street and big banks and strongly support tough financial regulation of them, according to a new national survey of likely 2014 voters (attached). The result is a strong majority […]
News Release FOR IMMEDIATE RELEASE Contact: Alex Formuzis Email: [email protected] Tel: 202-618-6430 DOJ also fails to disclose massive CDO ‘immunity-gift’ Washington, D.C., July 14, 2014– Better Markets President and CEO Dennis Kelleher issued the following statement today in response to the announced settlement between the U.S. Department of Justice and Citigroup over the bank’s billions […]
Washington, D.C. – July 11, 2014 – A former head of the media department for a national environmental organization and top aide to three members of the U.S. Senate, Alex Formuzis has joined the staff at Better Markets as the group’s Communications Director. “As a longtime communications professional, Alex will be indispensable as we continue […]
FOR IMMEDIATE RELEASE: Washington, D.C., July 8, 2014 – Pushing forward with its lawsuit against the U.S. Department of Justice for granting blanket immunity to JP Morgan Chase in an historic settlement without any judicial review, Better Markets filed a legal brief in court arguing that the American people have a right to know what […]
Washington, D.C., June 25, 2014 – In response to today’s vote by the federal Securities and Exchange Commission (SEC) to adopt the first in a series of rules around the issue of “cross-border” derivatives trading, Better Markets President and CEO Dennis Kelleher issued the following statement: “The incomplete cross-border rules adopted today by the SEC […]
Washington, D.C., June 19, 2014 – Better Markets released the attached Cross Border Fact Sheet today detailing Wall Street’s latest tactic to avoid important financial reforms designed to protect U.S. taxpayers from having to bail out Wall Street again. The tactic is called “de-guaranteeing” foreign affiliates, which is just a fancy word for Wall Street’s […]
Washington, D.C., June 19, 2014 –Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about the upcoming vote on H.R. 4413, the CFTC Reauthorization bill in the House of Representatives: “Wall Street’s political allies in the House of Representatives have […]
Washington, D.C., June 16, 2014 – Pundits have mostly blamed Eric Cantor’s shocking defeat last week in the Virginia 7th District Republican primary on the debate over immigration reform. However, a closer look at the election shows that challenger David Brat’s grassroots campaign focused on Wall Street “crooks” and the too-big-to-fail banks that have not […]
Statement on Second Circuit Court Ruling in SEC v. Citi Settlement Washington, D.C., June 4, 2014 –Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, which litigated this case in the District and Appeal Courts, made the following statement about today’s decision by the […]
Washington, D.C., May 20, 2014 – In a new filing yesterday with the U.S. District Court for the District of Columbia, the U.S. Department of Justice (DOJ) seeks to prevent any transparency, oversight or accountability for its historic and unprecedented agreement to give JP Morgan Chase total civil immunity for years of illegal conduct contributing […]
Washington, D.C., April 14, 2014 –Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about today’s decision handed down by the D.C. Circuit Court of Appeals concerning cost-benefit analysis: “The D.C. Circuit Court of Appeals decision today in NAM v. […]
Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about the Securities and Exchange Commission’s collusion with Wall Street over settlements related to Collateralized Debt Obligations (CDOs): “Reporting by The American Lawyer shows what Better Markets has been saying for […]
Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about the House Agriculture Committee’s vote passing H.R. 4413 the re-authorization bill for the Commodity Futures Trading Commission (CFTC): “This bill rolls back derivatives reform and puts American families at risk […]
Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about banking regulators adopting a final rule increasing capital standards for the largest U.S. banks: “Three cheers for the banking regulators who finalized a rule today to increase the capital requirements […]
Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about the current debate around high frequency trading: “Michael Lewis’ new must-read book ‘Flash Boys,’ about high frequency computer trading (HFT), has focused public attention on how much of today’s […]
The U.S. Senate confirmed Sarah Bloom Raskin today as the next Deputy Secretary of the Treasury. “Broad bipartisan confirmation by the U.S. Senate of Fed Governor Sarah Bloom Raskin to be the Deputy Secretary of the Department of Treasury is good news for consumers, families, communities, taxpayers, our financial system and the economy. Ms. Raskin […]
Earlier today, a New York federal court ordered former Goldman Sachs Vice President Fabrice Tourre to pay $825,000 for violating federal securities laws and defrauding investors in connection with Goldman’s infamous Abacus derivatives deal with hedge fund manager John Paulson. Dennis Kelleher, President of Better Markets, a nonprofit organization that promotes the public interest in […]
Dennis Kelleher, President and CEO of Better Markets, released the following statement today in response to New York Comptroller DiNapoli’s annual report that average Wall Street bonuses have surged to more than $164,000 with an overall bonus pool exceeding $26 billion: “Wall Street’s return to record bonuses, combined with their quiet but successful push to […]
The Senate Committee on Agriculture, Nutrition, and Forestry will hold a hearing on Thursday, March 6th to question the three nominees to the Commodity Futures Trading Commission. Given how little is known about any of these nominees’ derivatives experience, qualifications or views, this hearing will likely be the only opportunity for the public to discover […]
White House Must Not Cave in to Wall Street & Cut Funding for Financial Regulators “The White House must not wave the white flag of surrender on derivatives reform and abandon the financial regulators at their time of need, which is right now. Reports that the White House budget is going to slash […]
Today’s Fed Rules are Win-Win: Protecting U.S. Taxpayers & the Global Financial System “The Federal Reserve Board is to be congratulated for passing strong rules today that protect U.S. taxpayers and the global financial system, while also substantially reducing the need for future bailouts. For anyone genuinely concerned about global financial stability, today’s […]
The CFTC Must Stop Wild Commodity Speculation that Breaks American Families’ Budgets “Every person and business in American buys and needs commodities like oil and wheat. Commodity prices are supposed to be set by supply and demand, but Wall Street speculators at the biggest banks also trade commodities in financial markets and have a […]
Better Markets Files Lawsuit Challenging the U.S. Department of Justice’s Unlawful, Unprecedented and Unilateral Agreement Granting JP Morgan Chase Blanket Immunity In Exchange for $13 Billion Executive Branch Acted as Investigator, Prosecutor, Judge, Jury, Sentencer and Collector without Any Court Review or Approval (Washington, D.C.) Better Markets, Inc. today filed a lawsuit in U.S. District […]
Wall Street’s Unregulated Recklessness Is the Biggest Threat to Job Creators, Not Financial Rules that Protect the American People Better Markets President and CEO Dennis Kelleher made the following statement about the House Financial Services Committee’s hearing on Wednesday, February 5, 2014, entitled “The Impact of the Volcker Rule on Job Creators”: […]
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