WASHINGTON, D.C. – Dennis M. Kelleher, Co-Founder, President and CEO, issued the following statement in connection with the filing of Better Markets’ Comment Letter to the Federal Deposit Insurance Corporation (FDIC) on conforming with the Fair Hiring in Banking Act (FHBA): “The law generally prohibits people who have been convicted of certain crimes from being […]
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WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the settlement announced today between the Massachusetts Secretary of the Commonwealth and Robinhood Financial: “This settlement is a major victory on multiple levels. It holds Robinhood accountable for its aggressive and manipulative brokerage platform that has lured countless inexperienced investors into harmful […]
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WASHINGTON, D.C. – Dennis M. Kelleher, Co-Founder, President and CEO, issued the following statement in connection with the filing of Better Markets’ Comment Letter on long-term debt (LTD) requirements for large bank holding companies to the three banking agencies: “The banking agencies’ LTD proposal is misguided, fundamentally flawed, endanger retail investors, and should be withdrawn. […]
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WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the rule proposal issued by the Consumer Financial Protection Bureau (CFPB) to limit excessive overdraft fees: “For too long, banks have been gouging their customers with overdraft fees that fall through the gaps in current laws governing credit. It has become a […]
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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 detailing “The Truth About Wall Street’s Massive Misleading Lobbying Campaign Against Necessary Capital” issued in connection with the Basel III Endgame proposals. “The new, long overdue, and very modest capital requirements proposed by banking regulators […]
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WASHINGTON, D.C. – Dennis M. Kelleher, Co-Founder, President and CEO, issued the following statement in connection with the filing of Better Markets’ Comment Letters on the Regulatory Capital Rules related to the Basel III Endgame (here and here), with the three banking agencies: “The biggest threat to Main Street families, the financial system, and the […]
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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 letters (here and here) to the Securities and Exchange Commission (SEC) in response to multiple proposed rule changes filed by national securities exchanges seeking to list and trade shares in ether-based exchange-traded products (ETPs). “The approval […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement in connection with Vanguard’s refusal to offer spot Bitcoin exchange-traded products on its platform: “Bravo Vanguard! One of the biggest and most well-known fund issuers and money managers in the world is to be commended for putting its investors’ […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement in response to the U.S. Securities and Exchange Commission’s (SEC) approval of a Bitcoin ETF: “With the flagrantly lawless crypto industry crashing and burning due to a mountain of arrests, criminal convictions, bankruptcies, lawsuits, scandals, massive losses, and millions […]
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WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement on a Better Markets comment letter supporting the Consumer Financial Protection Bureau’s (CFPB’s) proposed rule on Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications. “The CFPB’s proposal will help the agency keep pace with the growing use of […]
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WASHINGTON, D.C.—Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement regarding a letter Better Markets sent to the leadership of the U.S. House of Representatives raising questions regarding provisions in the crypto market structure legislation that is moving through Congress. “The U.S. regulatory system has helped foster the broadest, deepest, and most liquid financial markets in the world. […]
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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’ Supplemental Comment Letter to the Securities and Exchange Commission (SEC) in response to multiple proposed rule changes filed by national securities exchanges seeking to list and trade shares in spot bitcoin exchange-traded products (ETPs). “The approval of […]
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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 Department of Labor (DOL) in response to the proposed rules that will protect retirement savers from conflicts of interest among financial advisers. “For decades, financial advisers have been allowed to push investment products, […]
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WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on a joint comment letter from Better Markets, Americans for Financial Reform, Consumer Reports, and other civil rights advocates supporting the Consumer Financial Protection Bureau’s (CFPB’s) proposed Rulemaking on Personal Financial Data Rights. “The rise of technology in finance offers both promise and […]
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WASHINGTON, D.C.—Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement in connection with the filing of an amicus curiae brief with the U.S. Court of Appeals for the Fifth Circuit in National Association of Private Fund Managers v. SEC: “We’re standing up for important reforms in the private funds market against […]
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WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement in connection with the filing of an amicus curiae brief in the U.S. Supreme Court in Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. The brief was led by the American Association for Justice along with Public Justice, and it was […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement in response to a Federal Deposit Insurance Corporation (FDIC) Board Meeting finalizing a rule entitled “FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC’s Name or Logo.” “The FDIC deposit insurance […]
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December 14, Washington, D.C. – The following steering group members of the Save Our Retirement coalition – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Center for American Progress, Consumer Federation of America, Economic Policy Institute, and Pension Rights Center – issued the following statement applauding the Department of Labor (DOL) for holding a […]
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WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) adopted final rules requiring more central clearing of trades in U.S. Treasury securities. Legal Director and Securities Specialist Stephen Hall released the following statement: “Massive intervention by the Federal Reserve in early 2020 as the pandemic hit prevented chaos in the $26 trillion U.S. Treasury securities […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement on the release of a new report on the SEC Whistleblower Program: “Corporate crime remains both rampant and difficult to uncover. However, the SEC’s whistleblower program has proven to be an incredibly effective law enforcement tool at incentivizing individuals to […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement in response to the testimony of Wall Street’s CEOs today before the Senate Banking Committee. “Wall Street’s CEOs testified before the Senate Banking Committee today as if they were the chief employment and economic growth officers for the United States […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement on the release of a new Better Markets Fact Sheet ahead of CEOs from Wall Street’s eight largest banks testifying at a Senate Banking Committee hearing tomorrow. “For America to work for Main Street Americans, it needs a financial system […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement in response to three comment letters sent to the Federal Reserve (Fed) and the Federal Deposit Insurance Corporate (FDIC) related to resolution plans for large banks and living wills for domestic and foreign firms. “The failures, contagion, chaos, costs, […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement in response to media reports that some members of Congress are pressing their colleagues to pass a crypto industry friendly special interest bailout bill: “Crypto has had a very bad couple of years as one crypto kingpin after another is […]
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WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement in response to the issuance of final rules by the Securities and Exchange Commission (SEC) designed to improve the governance of registered clearing agencies: “Clearing agencies, although largely unnoticed by the public, are indispensable to our financial system. But they are also […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement regarding the recent reporting on the Federal Deposit Insurance Corporation (FDIC). “The reports about sexual misconduct and harassment at the FDIC are horrific. There must be a full, thorough investigation of those reports, and anyone engaged in such conduct should […]
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WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement on the filing of Better Markets’ Comment Letter to the Public Company Oversight Board (PCAOB) in response to the Board’s proposed rule to amend PCAOB Rule 3502, which governs the liability of associated persons who contribute to a registered public accounting firm’s […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement in response to decisions announced today by the Financial Stability Oversight Council (FSOC) to finalize a rule that reinstates its authority to require supervision and regulation of systemically important nonbank financial companies and establishes an analytic framework to guide […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the guilty verdict in the trial of Sam Bankman-Fried. “FTX and its former CEO Sam Bankman-Fried are a red-flag warning that leaders (including regulators, elected officials, influencers, blue-chip venture capital firms, and elite law firms) must do better now that […]
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WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement in connection with the decision of the Fifth Circuit Court of Appeals finding that the Securities and Exchange Commission (SEC) acted arbitrarily and capriciously when it adopted the Share Repurchase Disclosure Modernization Rule. “The Fifth Circuit’s decision remanding the Share Repurchase […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with KalshiEX, LLC’s (Kalshi) lawsuit to overturn the Commodities Futures Trading Commission (“CFTC”) Order rejecting Kalshi’s self-certified political control event contract: “It was a sure bet that Kalshi would file a lawsuit to overturn the CFTC’s well-grounded, thoughtful, 23-page Order rejecting […]
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WASHINGTON, D.C.—Dennis Kelleher, President and CEO, issued the following statement in connection with President Biden’s announcement of a Department of Labor (DOL) rule to eliminate junk fees in retirement advice: “Americans for too long have been ripped off by junk fees from hotels and car rentals to airlines and, yes, retirement advice. However, junk fees […]
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WASHINGTON, D.C.—Dennis Kelleher, President and CEO, issued the following statement on the filing of an amicus brief in a class action lawsuit against Credit Suisse, its auditor, and its directors, now pending in the Southern District of New York (Stevenson v. Thornburgh): “The shareholders harmed by Credit Suisse’s extraordinary crime spree have a right to […]
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WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement on Better Markets’ fact sheet, “The Reality Behind the Myth of Transparent Blockchains,” released ahead of a House Financial Services Committee Hearing today entitled “How America and Its Allies Can Stop Hamas, Hezbollah, and Iran from Evading Sanctions and Financing Terror” and Senate Banking Committee […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement in connection with today’s release of the Federal Reserve (“Fed”) and FDIC’s release of the Community Reinvestment Act (“CRA”) final rule: “The final CRA rule released today by the Fed and FDIC is well-intentioned but is not likely to work. It will likely continue […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement in connection with the decision of the Fifth Circuit Court of Appeals upholding the Securities and Exchange Commission’s approval of the NASDAQ’s Board Diversity Rule: “We applaud the decision of a panel of the Fifth Circuit Court of Appeals upholding the decision of the […]
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WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) adopted final rules requiring that securities lenders report the material terms of their securities lending transactions and that institutional investment managers report certain data on their short sales. Legal Director and Securities Specialist Stephen Hall released the following statement: “The lack of transparency in the securities […]
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WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the release today of Better Markets’ Rap Sheet Report and One-Pager: “Year after year, Wall Street’s biggest banks continue to rip off, discriminate against, and financially endanger their customers. The report we are releasing today shows that Bank of America, […]
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WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule to eliminate certain conflicts of interest associated with the use of predictive data analytics (PDA) and similar technologies that employ […]
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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 amending margin requirements for uncleared swaps applicable to swap dealers and major swap participants for which there is no prudential regulator. “Margin, similar […]
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WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement on the filing of Better Markets’ Comment Letter to the Office of the Comptroller of the Currency (OCC) on its proposed development of an annual survey on consumer trust in banking. “There is no need for a survey to […]
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WASHINGTON, D.C.—Scott Farnin, Legal Counsel, issued the following statement refuting crypto’s false claim that 52 million Americans own cryptocurrency, as detailed in this Better Markets fact sheet. The crypto industry has placed ads in various news publications including the Washington Post and brought marketing items to Capitol Hill and Congressional hearings featuring the false claims. […]
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WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement on a new Better Markets Fact Sheet ahead of oral argument in the Consumer Financial Protection Bureau v. Community Financial Services Assoc. of Am., Ltd., No. 22-448. “As the Supreme Court hears oral argument today in Consumer Financial Protection Bureau v. Community Financial […]
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WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the publication of a new Better Markets report, The Supreme Court and Your Wallet: Cases and Trends that Define the Ability of the Wall Street Cops to Protect Every American from Financial Predators. “Each term, the U.S. Supreme Court decides […]
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Washington, D.C. – Better Markets is pleased to announce that Joe Saluzzi, partner and co-founder of Themis Trading LLC, has joined the Better Markets Board of Directors. Saluzzi joins the Board as Adam White, Founder and CEO of Digital Research & Trading, departs after 13 years of service. “Joe Saluzzi has a deep understanding of the […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the Commodities Futures Trading Commission (“CFTC”) Order to reject KalshiEX, LLC’s (Kalshi) self-certified political control event contract: “The CFTC’s well-grounded, thoughtful, 23-page Order to reject Kalshi’s backdoor attempt to unleash gambling on U.S. elections through so-called event contracts was the […]
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WASHINGTON, D.C.—On Wednesday, September 20, the U.S. Securities and Exchange Commission (SEC) modernized its rules governing investment company names that are likely to mislead investors in mutual funds, ETFs, and other offerings about the fund’s investments and risks. Better Markets’ Legal Director and Securities Specialist Stephen Hall released the following statement following the Commission’s vote on these […]
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WASHINGTON, D.C.—Dennis Kelleher, Cofounder, President, and CEO, issued the following statement regarding a letter Better Markets sent to the leadership of the U.S. House of Representatives raising questions regarding provisions in the crypto market structure legislation that passed out of committee this summer: “The crypto legislation pending in the House raises serious questions about investor, […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement in connection with Better Markets release of a Policy Brief to accompany its recently filed supplemental comment letter, which details extensive statistical analysis using Federal Reserve data that proves the proposed Community Reinvestment Act (“CRA”) rule changes will not work, will not stop redlining, and […]
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WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement on the sentencing of former Wells Fargo Executive Carrie Tolstedt to six months of home confinement and three years of probation for her lawbreaking: “Prosecuting just one former Wells Fargo executive, Carrie Tolstedt, is better than nothing, but going after just one executive […]
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