WASHINGTON, D.C. — Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement regarding an initial review of the 234-page report of the Special Committee of the Federal Deposit Insurance Corporation (FDIC) that was supposed to fully investigate all the issues related to the allegations of workplace misconduct: “There is no question […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on yesterday’s filing of an amicus brief supporting the approval by the Securities and Exchange Commission (SEC) of Nasdaq’s board diversity disclosure rule: “We’re defending an important disclosure rule issued by Nasdaq, a major stock exchange, which the SEC rightly approved. It requires […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in response to the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit Union Administration, and Federal Housing Finance Agency’s proposed rule on incentive-based compensation. “Executive compensation policies that encouraged short-sighted and high-risk corporate behavior were major contributors to […]
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WASHINGTON, D.C.— For the fourth year in a row, Washingtonian Magazine has selected Dennis Kelleher, Co-Founder, President and CEO of Better Markets, as one of the Most Influential People in Washington. Washingtonian calls it a “list of the experts and advocates, outside the government, who are playing big roles in Washington’s policy debates.” “Hardworking Main […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a Fact Sheet titled “Capital Rule Critics Proved Wrong by Facts and Data.” “Wall Street’s biggest banks and their supporters have staged a widespread resistance effort in recent months to convince the American people, community organizations, and financial […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the sentencing of Binance’s Founder, Owner, and former Chief Executive Officer, Changpeng Zhao (CZ), for charges brought by the Department of Justice (DOJ): “’Crime pays’ is the message sent today not by the Judge but by the DOJ’s weak, minimalist sweet […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a Fact Sheet titled “Jamie Dimon is Still Dancing in the Streets One Year After JPMorgan Chase’s Acquisition of First Republic Bank.” “One year ago, First Republic Bank, with nearly $230 billion in total assets, became the second […]
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To: Interested Parties From: Dennis Kelleher, President and CEO (Media Contact: Anton Becker, Dir. of Communications, [email protected]) Date: April 29, 2024 Re: Sentencing of Binance Founder, Owner, and Former Chief Executive Officer for Central Role in Violating the Bank Secrecy Act Binance, the largest crypto exchange in the world, plead guilty on November 21, 2023 […]
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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’s (CFTC) on the use of artificial intelligence (AI) in CFTC-regulated markets. “We have entered a dangerous new era in which the use of articial intelligence in finance is exploding. […]
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WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the release today of rules from the Department of Labor (DOL) that will protect American workers and retirees from adviser conflicts of interest: “These reforms will improve the lives of millions of Americans struggling to save and invest for a financially secure […]
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WASHINGTON, D.C.— Today, Better Markets released a new Fact Sheet, “Earth Day Brings Renewed Urgency to Address the Many Financial Risks Caused by Climate Risks,” which examines the growing climate crisis, its impact on the financial well-being of all Americans, and the need for the financial regulatory agencies to adapt and respond to climate risks. […]
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WASHINGTON, D.C. — Stephen Hall, Legal Director and Securities Specialist, issued the following statement on tomorrow’s hearing titled “Small Print, Big Impact: Examining the Effects of Forced Arbitration,” being convened by the Senate Judiciary Committee: “We commend the Committee for continuing its work to shine a light on the harmful impact of forced arbitration clauses. […]
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WASHINGTON, D.C. — Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with crypto firm Terraform Labs and its creator Do Kwon being found liable for securities fraud: “A week ago, Sam Bankman-Fried was sentenced to 25 years in prison, with the crypto industry claiming that the FTX founder was an outlier […]
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WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Supplemental Comment Letter to the Securities and Exchange Commission (SEC) regarding its proposed rule to require securities firms to eliminate certain conflicts of interest associated with their use of predictive data analytics: “The use of artificial intelligence in […]
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WASHINGTON, D.C. — Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the filing of a joint comment letter from more than 140 organizations in strong support of a proposed rule from the Consumer Financial Protection Bureau (CFPB) that will curb overdraft fees by the large banks. “This rule is a plus […]
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WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the filing of a comment letter to the Commodity Futures Trading Commission (CFTC) in response to a proposed rule requiring futures commission merchants (FCMs), swap dealers, and major swap participants to establish, document, implement, and maintain an Operational Resilience Framework […]
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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, “Carbon Markets Are Vital to Tackle Climate Change: The CFTC Has to Stop Talking and Take Meaningful Action”: “The CFTC could and should play an important, meaningful, and impactful role in addressing […]
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This has to be the beginning not the end of justice for the crypto lawbreakers WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the sentencing of Sam Bankman-Fried: “Today, justice was served when FTX’s former CEO Sam Bankman-Fried (SBF) was sentenced to 25 years in prison for his crimes. […]
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WASHINGTON, D.C. — Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the filing of Better Markets’ Comment Letter to the Consumer Financial Protection Bureau (CFPB) on its proposal to ban fees for instantaneously declined transactions: “The CFPB’s rule would put a stop to an abusive practice that allows banks to unfairly […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the filing of a comment letter with the Commodity Futures Trading Commission (CFTC) in response to a request for a comparability determination by swap dealers in the United Kingdom: “The importance of the CFTC’s responsibility and duty to undertake robust […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the House Financial Services Committee Chairman McHenry’s statement at a hearing this morning about Better Markets’ criticism of the Basel Committee’s flawed process related to capital requirements for Europe’s global systemically important banks (“GSIBs”). “The Chair is right that the […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the release of Better Markets’ new Fact Sheet on AI and the financial markets. “The field of artificial intelligence (‘AI’) is exploding. As the headlines proclaim, the race is on in the private sector to be the most successful AI company, with […]
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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’ frequently asked questions about Kalshi’s Attempt to get the CFTC to Unleash Gambling on U.S. Elections via Prediction Markets: “A private profit maximizing company (KalshiEX, LLC) is attempting to unleash gambling on U.S. elections by […]
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WASHINGTON, D.C.—Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the filing of a comment letter to the Commodity Futures Trading Commission (CFTC) in response to a proposed rule that aims to establish safeguards for the funds and assets of clearing members in the event of a derivatives clearing organization (DCO) declaring […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the filing of Better Markets’ Comment Letter urging the Basel Committee (Committee) on Banking Supervision to further strengthen and adopt the proposed requirements on disclosure of Climate-Related Financial Risks (CRFR): “Our economy, financial system, and citizens are increasingly threatened by […]
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WASHINGTON, D.C.— Benjamin Schiffrin, Director of Securities Policy, released the following statement in connection with the release of a report entitled “The SEC’s Enforcement Program Has to Start Meaningfully Punishing Individuals.” “The importance of the SEC’s enforcement program to protecting the hard-earned money of investors, the integrity of the capital markets they invest in, and […]
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WASHINGTON, D.C.— Better Markets congratulates board member Dedrick Asante-Muhammed for being named to TIME’s new list of Closers, 18 Black leaders working to close the racial wealth divide. Asante-Muhammed has also been named the new President of the Joint Center for Political and Economic Studies. “Dedrick has long been passionate about highlighting and changing the […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the Federal Reserve Board’s (“Fed”) announcement of a final rule that updates risk management requirements for systemically important financial market utilities (“FMUs”) that it supervises. “Just like the power grid or the sewer system, the infrastructure that supports our financial […]
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WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) amended the disclosures required for order executions in stocks listed on a national securities exchange. Director of Securities Policy Benjamin Schiffrin released the following statement: “In today’s securities markets retail investors are not getting the best available prices for their orders to buy and sell stock. […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the Securities and Exchange Commission’s (SEC) release of its final climate rule: “The SEC exists to protect and promote the interests of investors, markets, and capital formation, all of which require the full disclosure of climate related risks just like […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the release of a new Report: One Year After Silicon Valley Bank’s Failure, and the Banking System and Main Street Americans Are Still in Serious Danger. “Just one year ago, Silicon Valley Bank (“SVB”), Signature Bank (“Signature”), and First Republic […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement on the Consumer Financial Protection Bureau’s (CFPB) adoption of new rules to reduce credit card penalty fees: “As required by law, today’s action by the CFPB will save more than 45 million consumers more than $10 billion by eliminating a loophole created by […]
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WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the filing of an amicus or “friend of the court” brief in KalshiEx LLC v. CFTC, a case that will determine whether gambling on U.S. congressional elections will be allowed: “The attempt in this case to override the CFTC and allow widespread […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the release of a Fact Sheet, New York Community Bancorp: A Frankenstein Monster Federal Regulators Created: “Today, we are once again seeing New York Community Bancorp (NYC Bancorp) spiraling towards disaster with reports of material internal control weaknesses that delayed […]
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WASHINGTON, D.C.— Dennis Kelleher, Cofounder, President, and CEO, issued the following statement regarding reports that the U.S. Senate Committee on Agriculture will resume consideration of the Digital Commodities Consumer Protection Act (DCCPA), which some claim is “tough.” “The Digital Commodities Consumer Protection Act (DCCPA) was fully supported by FTX and its now criminally convicted CEO Sam […]
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WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on a recent court decision from the U.S. District Court for the District of Columbia in Institutional Shareholder Services, Inc. v. SEC, a lawsuit challenging a Trump-era rule that made it harder for proxy advisory firms to provide advice to shareholders: “This ruling is a […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the release of Better Markets’ new Fact Sheet regarding SEC Staff Accounting Bulletin (SAB) 121 and a congressional resolution seeking to overturn it: “SAB 121 provides that companies holding crypto assets for customers face unique risks and should therefore reflect those assets […]
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WASHINGTON, D.C. – Members of the Save Our Retirement coalition, listed below, have sent a letter to congressional leadership opposing policy riders that would prevent the Department of Labor (DOL) from finalizing, implementing, or enforcing the proposed Retirement Security Rule. Due to loopholes in the DOL’s current out-of-date rules, some financial advisors and firms are […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the filing of Better Markets’ Comment Letter to the OCC, Fed and FDIC, urging them to adopt increased reporting requirements for bank loans to nonbanks. “Today, gigantic global nonbanks have more than $200 trillion in assets, account for nearly half […]
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WASHINGTON, D.C.— Benjamin Schiffrin, Director of Securities Policy, issued the following statement on the release of Better Markets’ new Fact Sheet, The SEC Must Finalize Its Climate Disclosure Rule, Its ESG Disclosure Rule, and Its Market Structure Reforms: “Under Chair Gensler’s tenure, the Securities and Exchange Commission has proposed and finalized over 30 rules that will […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-Founder, President, and CEO, issued the following statement on the filing of Better Markets’ Comment Letter to the U.S. Department of the Treasury (Treasury), urging them to act to tackle the persistent racial inequity in the financial system. “Despite the efforts of the Treasury Department and more than 20 other […]
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WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement on the filing of Better Market’s Comment Letter to the Commodity Futures Trading Commission (CFTC) regarding its proposal on the listing for trading of voluntary carbon credit derivative contracts. “The CFTC’s proposed guidance addresses the urgent climate crisis by enhancing transparency and integrity […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-Founder, President, and CEO, issued the following statement on the filing of Better Markets’ Comment Letter to the Federal Deposit Insurance Corporation (FDIC), urging them to adopt improved and enforceable guidelines for corporate governance and risk management structures for the largest banks. “Unlike most other corporations, the consequences of large […]
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WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) adopted rules that will require greater disclosure from the private fund industry. Director of Securities Policy Benjamin Schiffrin released the following statement: “Private funds have trillions of dollars of assets under management, yet regulators do not have enough information about […]
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WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement in connection with the Supreme Court’s unanimous decision in Murray v. UBS Securities LLC, which held that whistleblowers need not show retaliatory intent on the part of their employers to be protected against retaliation for their whistleblowing activity: “The Supreme Court’s ruling […]
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WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) adopted final rules to ensure that market participants that perform dealer functions are required to register as a dealer. Director of Securities Policy Benjamin Schiffrin released the following statement: “High-frequency trading firms using lightning-fast computer technology have begun to dominate our markets. High-frequency trading is responsible […]
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WASHINGTON, D.C.—Brady Williams, Better Markets Legal Counsel, issued the following statement after 17 investor consumer advocacy organizations submitted a letter, organized by Public Citizen and Better Markets, urging the SEC to issue a rule banning the use of mandatory pre-dispute arbitration clauses in broker-dealer and investment adviser contracts. “Our letter calls upon the SEC to […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement in connection with the release of a Fact Sheet on “Key Topics for FSOC Annual Report to Congress” ahead of a House Financial Services Committee hearing on the Annual Report of the Financial Stability Oversight Council (FSOC). Janet Yellen, Chairperson of the Financial […]
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WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) adopted final rules to enhance investor protections in initial public offerings by special purpose acquisition companies (SPACs) and in subsequent mergers between SPACs and targeted private companies. Legal Director and Securities Specialist Stephen Hall released the following statement: “The SPAC boom in 2020 and 2021 did […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with a Federal Reserve Inspector General (OIG) Report on the Fed Trading Scandal of 2020. “As hundreds of thousands of Americans were dying and tens of millions were being thrown out of work due to a catastrophic […]
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