WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Facebook’s Libra Stablecoin Warning for Any Stablecoin Legislation,” released ahead of a House Financial Services Committee hearing entitled “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central […]
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WASHINGTON, D.C.— Brady Williams, Legal Counsel, issued the following statement on the deadline for submitting comments on the CFPB’s Advanced Notice of Proposed Rulemaking on the Fair Credit Reporting Act; Identity Theft and Coerced Debt. The proposal is now on hold because the Trump administration shut down all rulemaking at the CFPB: “Last year, in […]
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WASHINGTON, D.C.— Better Markets is pleased to announce that Lisa Gilbert, Co-President of Public Citizen, has joined the Better Markets Board of Directors. “Lisa has spent her career promoting the public interest and fighting for an economy that serves the American people, creates jobs, and supports small businesses and community banks,” said Dennis Kelleher, Co-Founder, […]
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WASHINGTON, D.C.— Shayna Olesiuk is the Director of Banking Policy, issued the following statement in connection with the release of a new Report: “Report: Two Years After the 2023 Banking Crisis, Main Street is Still in Danger.” “Two years ago, Silicon Valley Bank, Signature Bank, and First Republic Bank failed, caused a banking crisis, and got […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to President Trump’s Acting FDIC Chair Travis Hill and the FDIC Board’s irresponsible action to dismantle six rules that protect Main Street Americans and the banking system. “For more than 90 years, the FDIC has been the gold standard in protecting […]
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WASHINGTON, D.C.—Better Markets is pleased to announce that Amanda Fischer has joined the organization as Policy Director and Chief Operating Officer (COO). Fischer was most recently the Chief of Staff to the Chairman of the Securities and Exchange Commission (SEC) and previously served in several positions in the Senate and the House. She will oversee […]
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WASHINGTON, D.C.— Brady Williams, Legal Counsel, issued the following statement on the deadline for submitting comments on the Data Broker Rule proposed by the Consumer Financial Protection Bureau (CFPB). The rule is now on hold because of the Trump administration’s halt on rulemaking: “All too often, shoddy data brokers sell our most sensitive personal information […]
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WASHINGTON, D.C.—Brady Williams, Legal Counsel, issued the following statement in response to the news that the Consumer Financial Protection Bureau (CFPB) is dropping multiple enforcement lawsuits against companies that were accused of misconduct against consumers, including Capital One, Rocket Homes Real Estate, and a student loan lender. “Trump’s anti-consumer protection bureau dropping these cases is […]
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WASHINGTON, D.C. – After a long and successful banking industry career, Camden Fine has joined Better Markets as a Senior Fellow. Fine brings decades of invaluable experience in banking and public policy. As the former President and CEO of the Independent Community Bankers of America (ICBA), he led the national association for more than 5,000 community […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Three Questions for Any (Un)Stablecoin Legislation,” released ahead of a Senate Banking Committee hearing entitled “Exploring Bipartisan Legislative Frameworks for Digital Assets”: “Today, Congress will hold a hearing dedicated to crypto, including so-called ‘stablecoins.’ But they […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “The SEC is Killing IPOs,” released ahead of a House Financial Services Committee hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation”: “Tomorrow, Congress will […]
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WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the news that the Commodity Futures Trading Commission (CFTC) fired some of its employees: “Many may see the firing of CFTC employees as just another round of federal job cuts. But the reality is that these terminations make it even […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to reports that the SEC is dropping its lawsuit against Coinbase: “The SEC, the cop on the financial beat, is unilaterally disarming. It has moved from investor protector to a financial industry cheerleader. That is going to have historic repercussions and, […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to reports that the Trump administration is planning to merge the Federal Deposit Insurance Corporation (“FDIC”) and Consumer Financial Protection Bureau (“CFPB”) into the Office of the Comptroller of the Currency (“OCC”). “Our economy depends on a strong financial system which […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with the approval by the Securities and Exchange Commission (SEC) of a rule change to allow the New York Stock Exchange to offer overnight trading: “The legalization of sports betting in America has led to a gambling addiction epidemic, fueled partly by […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ new report, “Debunking Debanking.” “All of a sudden “debanking” is a hot topic. Congressional hearings are being held, and the media is breathlessly reporting every claim, no matter how baseless or fact-free. The truth is that banking regulators […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Crypto Crimes of the Heart”: “With Valentine’s Day approaching, many Americans may be searching for love online. Most of these individuals probably don’t expect that online dating could lead them to be victimized by a cryptocurrency […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Bank Directors Must Be Held Accountable.” “Banks—including the biggest banks in the country headquartered on Wall Street—have repeated failures of the most basic risk controls, routinely break the law, and too often […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with SEC Acting Chair Uyeda’s statement indicating that the SEC may no longer defend the climate-related disclosure rule the agency adopted in 2024: “The Acting Chair suggested in his statement that the SEC lacked the authority to adopt rules requiring companies to […]
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WASHINGTON, D.C.—Dennis Kelleher, President, CEO and Cofounder of Better Markets, issued the following statement in connection with the Securities and Exchange Commission’s (SEC) order limiting the information that can be collected by the Consolidated Audit Trail (CAT): “Markets and financial firms, including those who rip off investors, move at the 21st Century speed of light […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “A Golden Age of Crypto Crime?” released ahead of a House Financial Services Committee hearing “A Golden Age of Digital Assets: Charting a Path Forward”: “Tomorrow, Congress will hold a hearing dedicated to crypto. The hearing […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to the Trump administration’s illegal attempt to defund the Consumer Financial Protection Bureau (CFPB): “Every single American will be hurt by the Trump administration’s illegal midnight order to defund the Consumer Financial Protection Bureau, which has forced financial firms to return […]
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WASHINGTON, D.C.— Today Shayna Olesiuk, Director of Banking Policy, testified at a House Financial Services Committee hearing on debanking. Below are quotes from her testimony and video from the hearing. “What’s really at stake is protecting our financial system and Main Street Americans from the risks, costs, and consequences of incredibly volatile and often flagrantly […]
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WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the Commodity Futures Trading Commission’s (CFTC) announcement of a public roundtable in response to the self-certified Super Bowl event contracts: “The CFTC’s decision to convene a public roundtable on event contracts is an important step toward ensuring proper regulatory scrutiny. […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to Trump’s Acting FDIC Chair Travis Hill’s release of formerly nonpublic confidential documents regarding the FDIC’s supervision of crypto-related activities. “In a highly political move, the Acting FDIC Chair this morning released formerly nonpublic, confidential supervisory documents with the apparent intent […]
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WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Fumbling the Ball: Why the CFTC Should Sack Super Bowl Gambling Contracts.” “Sports betting is nothing new, but a troubling trend is bringing sports gambling into federally regulated financial markets under the […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Report, “The SEC’s Whistleblower Program Is Key to Protecting the Economy and Main Street Americans’ Wallets”: “The US capital markets are the engine that fuels our economy, businesses, jobs, and standard of living. And our capital markets thrive […]
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WASHINGTON, D.C.— Travis Horr, Director of External Affairs, issued the following statement in connection with Better Markets’ proposed agenda for Banking and Finance for the 119th Congress: “Donald Trump enters the White House with a unified Republican Congress. Many lawmakers, including Trump, ran their campaigns on the promise of lowering costs and unrigging the economy […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement regarding the SEC’s decision to rescind Staff Accounting Bulletin (SAB) 121: “The SEC’s decision to rescind SAB 121 endangers investors and the financial system as a whole. SAB 121 provided that companies holding crypto assets for customers face unique risks and should therefore reflect […]
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WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the filing of an amicus brief supporting the Securities and Exchange Commission (SEC) in the high-profile crypto case, SEC v. Ripple: “This appeal has enormous consequences for the ever-increasing number of American investors who are swept up the cryptocurrency investment craze. The […]
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Washington, D.C. – Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with a comment letter to the Federal Deposit Insurance Corporation (FDIC) on its proposed rule requiring improved recordkeeping for custodial accounts held by FDIC-insured banks. “The FDIC’s Proposal is a response to a massive rip-off of tens of thousands of ordinary […]
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WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Working-Class Americans Elected President Trump, and His New SEC Chair Must Take Action to Protect Them”: “Last summer, at the Republican National Convention, Vice President-elect JD Vance said that his party was done ‘catering to Wall […]
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WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Honoring Martin Luther’s King Vision of Equality by Financial Regulators Advancing Economic Justice.” “As we commemorate Dr. Martin Luther King Jr.’s legacy on the same day as President Trump’s inauguration, we are […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder, issued the following statement in response to the Consumer Financial Protection Bureau (CFPB) request for comment on a proposed interpretive rule outlining how the Electronic Fund Transfer Act (ETFA), which provides consumers with protections against errors and fraud, applies to new types of digital payment mechanisms, such […]
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WASHINGTON, D.C.— Brady Williams, issued the following statement on the Consumer Financial Protection Bureau’s (CFPB’s) finalization of its long-awaited rule addressing medical debt on credit reports: “Today, the CFPB finalized an important rule to stop the harmful impact of medical debt on consumers’ credit scores. Prohibiting alleged medical debts from appearing on credit reports will benefit 15 […]
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Washington, D.C. – Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in connection with a supplemental comment letter on the Regulatory Capital Rules related to the Basel III Endgame proposal. The letter highlights compelling Federal Reserve Bank of New York research that underscores the need for higher capital levels to […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in response to the Federal Reserve’s announcement today that the Vice Chair for Supervision will be resigning. “The Vice Chair said today in his shocking resignation that a ‘dispute’ over his position as Vice Chair for Supervision ‘could be a distraction […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in connection with the Federal Reserve’s announcement today of plans to weaken stress tests. “Showing disrespect if not disdain for the public, the Federal Reserve’s announcement today at 4PM on the day before Christmas and Hanukkah eve should be beneath the […]
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WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement in connection with the adoption by the Securities and Exchange Commission of rule amendments designed to better protect customers from broker-dealer failures: “Today, the SEC required that large broker-dealers calculate the net cash owed to their customers daily. The purpose of the required calculation […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a new report by the Treasury Department on the “Uses, Opportunities, and Risks of Artificial Intelligence in Financial Services.” “We applaud the Treasury Department for carefully considering both the benefits and risks of Artificial Intelligence (AI) in […]
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ARCHEGOS FRAUD MASTERMIND BILL HWANG CAUSED INVESTORS TO LOSE BILLIONS OF DOLLARS AND SHOULD PAY RESTITUTION To: Interested Parties From: Dennis Kelleher, President and CEO (Media Contact: Anton Becker, Dir. of Communications, [email protected]) Date: December 17, 2024 Re: Archegos’s Bill Hwang should be required to make restitution to investors as well as the too-big-to-fail […]
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WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in connection with the Federal Deposit Insurance Corporation (FDIC) authorizing lawsuits against six former officers and eleven former directors of Silicon Valley Bank (SVB). “We applaud the FDIC for acting to hold SVB’s officers and directors accountable for their alleged mismanagement […]
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The following op-ed ran in Fortune Magazine. By Benjamin Schiffrin December 13, 2024 In 2018, the Supreme Court legalized sports gambling. Six years later, gambling addiction is approaching a national epidemic. Numerous state surveys show an increase in the incidence and prevalence of gambling addiction, and nearly every state has seen increased demand in recent years for treatment […]
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WASHINGTON, D.C.— Brady Williams, Legal Counsel, issued the following statement on the Consumer Financial Protection Bureau’s (CFPB’s) finalization of its long-awaited overdraft fees rule: “Today, the CFPB championed the cause of consumers by finalizing its long-awaited overdraft fees rule, which will close an outdated loophole that exempted overdraft loans from traditional lending laws. This loophole allowed […]
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WASHINGTON, D.C. — Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the decision from the entire Fifth Circuit nullifying the SEC’s approval of NASDAQ’s board diversity disclosure rule: “This decision represents a terrible setback for transparency, which is the lifeblood of our securities markets. A rapidly growing number of […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the Basel Committee on Banking Supervision’s (Committee) final guidelines for counterparty credit risk management. “We commend the Committee’s eye-opening look at the need to address material weaknesses in counterparty credit risk management at the global megabanks. As we explained in […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ comment letter to the Federal Reserve’s request for information (RFI) regarding operational aspects of the discount window. “The banking system needs a safety valve that actually works. The discount window is intended to provide a vital backstop by […]
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WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to a proposal by the New York Stock Exchange to extend trading hours on its NYSE Arca securities exchange to 22 hours a day, 5 days a […]
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WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to proposed rule changes filed by national securities exchanges to list and trade options on spot ether exchange-traded products (“ETPs”): “The SEC endangered retail investors by approving […]
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WASHINGTON, D.C.—Dennis Kelleher, President, CEO and Co-founder of Better Markets, released the following statement in response to President-elect Trump’s announcement of Paul Atkins as his choice to lead the Securities and Exchange Commission (SEC): “Paul Atkins, President-elect Trump’s nominee to lead the SEC, is smart, experienced, and capable. Unfortunately, he is also a deregulation zealot […]
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