WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with a newly released Fact Sheet on Gambling on Elections and Event Contracts: “Democracy in America is at a fragile crossroads, with more Americans questioning the integrity of elections than ever before. The shocking attack on the Capitol on January 6, […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the SEC’s vote to adopt the Public Company Accounting Oversight Board’s (PCAOB) new rule imposing quality control standards on auditors. “The PCAOB is responsible for ensuring the auditing profession fulfills its duty as a critical gatekeeper for accurate and complete financial statements from […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the decision issued in KalshiEx LLC v. CFTC. “The Court’s decision overturns a well-reasoned order by the CFTC denying Kalshi’s petition to offer an event contract on which party will win control of Congress. In these pivotal and fragile political times, the […]
WASHINGTON, D.C.— After 38 years of public service at the Federal Deposit Insurance Corporation (FDIC), George French has joined Better Markets as a Senior Fellow. After a long and distinguished career of public service, Mr. French is a deeply experienced expert in all aspects of banking policy and regulation. Mr. French began at the FDIC […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of a comment letter to the financial regulators on the latest proposed rulemaking for incentive-based compensation. “Financial executives and traders regularly pocket million-dollar bonuses. The prospect of unimaginable and immediate riches, however, often results in those executives and […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of a comment letter to the Basel Committee on Banking Supervision (Committee) on its proposed guidelines for the management of counterparty credit risk (CCR). “The opaque and interconnected web of megabanks’ counterparty credit risk (CCR) exposures can amplify […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with a comment letter filed to the Federal Reserve Board (Fed) on the need for increased data collection related to large banks’ lending to nonbanks. “Despite the fact that lending to the nonbank sector exceeded $2 trillion in 2023, and the […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a new fact sheet on Artificial Intelligence (AI) and a comment letter sent to the U.S. Department of the Treasury on the same subject. “AI has found its way into nearly every aspect of Main Street Americans’ […]
WASHINGTON, D.C. — Stephen Hall, Legal Director & Securities Specialist, issued the following statement on the submission of an amicus brief with the Consumer Federation of America in State of Iowa v. U.S. Securities and Exchange Commission, defending the SEC’s climate risk disclosure rule. A fact sheet summarizing the arguments in the brief is available here. […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the release of an analysis on the Recent Supreme Court Decisions and Their Harmful Impact on Main Street Americans. “The Supreme Court ended its 2023-2024 term with three exceptionally damaging decisions that undermine the ability of the government to protect […]
WASHINGTON, D.C.— Brady Williams, Legal Counsel, issued the following statement on a joint comment letter, led by the National Consumer Law Center, from consumer, civil rights, health care, and advocacy organizations supporting the Consumer Financial Protection Bureau’s (CFPB’s) proposed rule addressing medical debt on credit reports. “Prohibiting medical debts from appearing on credit reports will benefit […]
WASHINGTON, D.C. – Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement in connection with Federal Reserve Board’s (Fed) enforcement action issued today against Customers Bancorp, Inc. and Customers Bank in Pennsylvania: “The Fed’s enforcement action today against Customers Bank details 13 pages of significant deficiencies in the bank’s most basic risk management […]
WASHINGTON, D.C.—Better Markets and Public Citizen, joined by 21 organizations and individuals, sent a joint letter to Chair Rostin Behnam at the Commodity Futures Trading Commission (CFTC) supporting the CFTC’s proposal to amend its rules concerning political event contracts. In the letter, the organizations explain that allowing Americans to bet on elections through event contracts […]
WASHINGTON, D.C.—Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the filing of a comment letter to the Commodities Futures Trading Commission (CFTC) on a proposed rule regarding event contracts. “The CFTC’s proposed rule is common sense. Political event contracts should be classified as gaming and therefore do not serve the […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the release of a Fact Sheet titled “Banking Regulators Must Act Fast to Catch Up on Climate Financial Risk Management to Protect Main Street America.” “Banks face enormous risks from climate, but are woefully unprepared to even evaluate those risks, […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of a comment letter to the Office of the Comptroller of the Currency (OCC) on a proposal updating guidelines for recovery planning for large banks. “Recent crisis periods have demonstrated that the larger and more complex a failing […]
WASHINGTON, D.C.— Brady Williams, Better Markets’ Legal Counsel, issued the following statement on a joint comment letter from consumer protection advocates supporting the Consumer Financial Protection Bureau’s (CFPB’s) Interpretive Rule on the Use of Digital User Accounts to Access Buy Now, Pay Later Loans. “The CFPB’s guidance will help protect millions of vulnerable consumers from ‘buy-now, pay-later’ […]
WASHINGTON, D.C. – Shayna Olesiuk, Director of Banking Policy, issued the following statement in response to today’s adoption of a rule implementing the Fair Hiring in Banking Act at the Federal Deposit Insurance Corporation (“FDIC”) Board Meeting today: “Today, the FDIC took the long overdue step of expanding employment opportunities in our banking system to […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in response to today’s Federal Deposit Insurance Corporation (“FDIC”) Board Meeting on several issues including Brokered Deposits, Industrial Loan Companies, Resolution Plans, and Uninsured Deposits. “We applaud the FDIC’s actions today to better protect Main Street Americans and businesses from destabilizing ‘hot money’ […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the decision from a federal district court in Texas to stay the Department of Labor’s (DOL’s) best interest rule from going into effect while the legal challenge continues in Federation of Americans for Consumer Choice, Inc. v. U.S. Dept. of Labor, Case […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet and Report, “Crypto Should Be Regulated by the SEC under the Howey Test to Protect Investors and Enforce the Securities Laws”: “The crypto industry has been fighting in every available arena to avoid being regulated by […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter on the proposal by Capital One Financial Corporation (“Capital One”) to acquire Discover Financial Services and Discover Bank (“Discover”) and for Discover to merge with Capital One. “The proposed merger of Capital One and Discover will […]
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) regarding its proposed rule to require that investment advisers implement reasonable procedures to verify the identity of their customers. “Investment advisers play a crucial role in our financial […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, released the following statement on six federal banking regulators finalizing a rule to implement quality control standards for automated valuation models (AVMs) that are used to determine residential mortgage loan collateral values. “Computerization, digitalization, and automation have infiltrated nearly all parts of American life, and the process […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “To Protect Investors and Markets, the SEC Must Finish What It Started”: “Since Chair Gensler arrived at the SEC on April 17, 2021, the agency has finalized almost 40 rules in an effort to address the […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter to the Basel Committee on Banking Supervision (Committee) on the role of climate scenario analysis in strengthening the management and supervision of climate-related financial risks. “Our economy, financial system, banks, and citizens are […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the guilty verdict in the trial of Bill Hwang, head of the former Archegos investment fund. “Bill Hwang’s massive market manipulation caused huge losses among investors and banks, shook the financial markets, and highlighted major regulatory vulnerabilities in our financial system. […]
WASHINGTON, D.C.—Today, Better Markets released a fact sheet titled “FDIC Chair Nominee, Christy Goldsmith Romero, Is Uniquely Highly Qualified” ahead of a Senate Banking Committee hearing on the nomination of Christy Goldsmith Romero to be Chairperson and Member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC). Dennis Kelleher, Co-founder, President and CEO, released the […]
WASHINGTON, D.C. — Stephen Hall, Legal Director & Securities Specialist, issued the following statement on the filing of a friend of the court brief in Crypto Freedom Alliance of Texas v. SEC, No. 4:24-cv-00361-O (N.D. Tex.), defending the SEC’s new rule that requires more firms to register as dealers: “The securities markets have seen an explosion […]
WASHINGTON, D.C.— Stephen Hall, Better Markets Legal Director and Securities Specialist, issued the following statement in connection with the Supreme Court’s decisions in Loper Bright Enterprises v. Raimondo: “It’s another bad day for every American who depends on our federal agencies to protect them from a wide range of threats to their health, safety, and financial well-being. […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Three Ways The Financial Industry Targets Minority Communities”: “The failure of the mainstream financial industry to meet the needs of minority communities is well known, but less well known are the ways that players in the […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of a fact sheet titled “Fighting Discrimination in Finance Starts with Ensuring Diversity at the Agencies That Enforce the Financial Laws.” “Financial regulatory agencies have the power to improve racial economic inequality by fighting predatory practices in the […]
WASHINGTON, D.C.— Stephen Hall, Better Markets Legal Director and Securities Specialist, issued the following statement in connection with the Supreme Court’s decision in Jarkesy v. SEC: “It’s a bad day for American investors, who depend on the SEC to enforce the law against fraudsters and con artists in the securities markets. The Court has struck down the […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement on the Federal Reserve’s (Fed) release of the 2024 Dodd-Frank Act stress test results: “Stress tests for the largest, most complex, and dangerous banks are supposed to provide the public with confidence that those banks are strong enough to withstand financial and economic […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) approval of the Comparability Determinations orders for Japan, Mexico, the European Union, and the United Kingdom (four Comparability Orders). “The CFTC’s approval today of the four Comparability Orders violates the law, lacks a factual basis, and […]
WASHINGTON, D.C.— Today, Better Markets released a fact sheet ahead of a House Financial Services Committee hearing on bank stress testing and the Federal Reserve’s release of its annual stress test results, both scheduled for tomorrow. Shayna Olesiuk, Director of Banking Policy, released the following statement. “Done right, stress testing the biggest banks for various […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the release of a fact sheet titled “The CFPB Is Making Progress On Economic Racial Inequality, But There Is More To Do.” “One of the most effective government agencies in the fight to close the economic racial divide is […]
WASHINGTON, D.C.— Today, the Federal Deposit Insurance Corporation (FDIC) finalized a new rule on resolution plans for large banks. Shayna Olesiuk, Director of Banking Policy, released the following statement. “The failures, contagion, chaos, costs, and bailouts of Silicon Valley Bank, First Republic Bank, and Signature Bank did not have to happen, should not have happened, […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) upcoming open meeting on Monday, June 24 to address the finalization of the proposed Comparability Determinations orders for Japan, Mexico, the European Union, and the United Kingdom. In anticipation of this meeting, Better Markets has released […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter to the Federal Deposit Insurance Corporation (FDIC) on its proposal on bank mergers. “The dramatic increase in the largest, too-big-to-fail (‘TBTF’) banks over the last two decades raises a host of concerns, and […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter to the Office of the Comptroller of the Currency (OCC) on Business Combinations Under the Bank Merger Act. “An insufficient merger review process has contributed to massive consolidation in the banking industry over […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the nomination Caroline A. Crenshaw to serve another term as a Commissioner of the Securities and Exchange Commission (SEC): “This is an outstanding nomination and just the right decision at the right time. Commissioner Crenshaw has all of the credentials […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the nominations of Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero to be Chair of the Federal Deposit Insurance Corporation (FDIC) and CFTC Commissioner Kristin Johnson to be Assistant Secretary for Financial Institutions at the Treasury Department: “The nominations of […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Despite Growing Responsibilities SEC Continues to be Severely Underfunded, Threatening Markets and Investors”: “The U.S. capital markets are the broadest, deepest, most liquid markets in the world because they are well-regulated. But an underreported threat to […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of a Fact Sheet titled “Seven Questions on the Pro-Crypto, Anti-SEC Financial Innovation and Technology for the 21st Century Act (FIT 21).” The fact sheet’s release comes as the Chairs of the SEC and CFTC appear before the Senate Appropriations […]
WASHINGTON, D.C.—Dennis Kelleher, Cofounder, President and CEO, issued the following statement in connection with filing a comment letter with the Basel Committee on Banking Supervision on a proposal to stop global banks from manipulating their balance sheets to cheat on key regulatory rules: “The rule proposed by the Basel Committee is necessary because clear evidence […]
WASHINGTON, D.C.—Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement after the Fifth Circuit’s decision in National Association of Private Fund Managers v. SEC, vacating the SEC’s Private Fund Advisers rule: “The Fifth Circuit’s decision is a terrible setback on many levels. First and foremost, it will deprive investors in private […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB’s) final rule creating a registry of nonbank lawbreakers. “The CFPB’s new registry of nonbank lawbreakers is a big victory for financial consumers and a major loss for lawbreakers. The CFPB’s registry will comprehensively collect and […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the sentencing of Ryan Salame, former FTX executive: “We applaud Federal Judge Lewis A. Kaplan for sending a clear message to crypto criminals today: break the law, enrich yourself, and corrupt elections means a prison sentence even longer than the one […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement after the Securities and Exchange Commission (SEC) approved proposed rule changes filed by national securities exchanges to list and trade shares in spot ether exchange-traded products (ETPs): “Today the SEC doubled down on its historic mistake of approving spot bitcoin ETPs. Its decision to […]
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