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 Federal Housing Finance Agency (FHFA) proposal to allow the Federal Home Loan Mortgage Corporation (Freddie Mac) to provide mortgage borrowers with a new loan product to access equity in their homes. […]
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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 bitcoin exchange-traded products (“ETPs”): “In January 2024, the SEC approved the […]
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WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement regarding a Better Markets fact sheet on the Financial Innovation and Technology for the 21st Century Act, which will be voted on in the House of Representatives this week. “The crypto legislation pending in the House raises serious questions about investor, consumer, markets, and financial stability […]
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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, “Biased Courts Are Undermining the Rule of Law, Democracy, our Markets, Economy, and Capitalism Itself”: “An independent judiciary is supposed to uphold the rule of law. However, federal judges in the Fifth Circuit Court of […]
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WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ supplemental comment letter on the Regulatory Capital Rules related to the Basel III Endgame proposal. “Well-capitalized large banks are essential for a strong banking sector, financial system, and economy where Main Street families, businesses, and community banks […]
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WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) adopted rule amendments to ensure that financial institutions better protect the sensitive personal information of their customers and alert those customers when a data breach occurs. Director of Securities Policy Benjamin Schiffrin released the following statement: “Protecting the sensitive personal information of consumers and investors is […]
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WASHINGTON, D.C.— Anton Becker, Communications Director for Better Markets, issued the following statement in response to the Supreme Court’s ruling in favor of the Consumer Financial Protection Bureau (CFPB). “Today’s 7-2 victory is a massive win for Main Street and a major blow to financial interests looking to rip off hard-working Americans. The CFPB is the […]
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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) in response to proposed rule changes filed by national securities exchanges to list and trade shares in spot ether exchange-traded products (ETPs), with the SEC set to rule […]
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WASHINGTON, D.C. — Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement in advance of a House Financial Services Committee hearing with financial regulators, including the Chair of the Federal Deposit Insurance Corporation (FDIC). “There would be no FDIC scandal, no FDIC special committee, no FDIC law firm report, no Wall […]
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WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the Commodities Futures Trading Commission’s (CFTC) open meeting to consider a proposed rule regarding event contracts. “We applaud the CFTC for taking steps today to clarify and strengthen the rules governing event contracts and specifically election gambling contracts. Gambling on […]
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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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