“WASHINGTON (AP) — The House moved Tuesday toward approving a measure aimed at softening legislation responding to the 2008 financial crisis that put banks and Wall Street under the most sweeping rules since the Great Depression. “Amid a veto threat from the White House, the legislation pushed by the newly bulked-up Republican majority came under […]
“The banks have fought their war against financial reform on four fronts. “They have pushed for delays, lobbied allies in Congress to repeal aspects of Dodd-Frank, worked over regulators to make the rules as loose as possible and threatened legal challenges and filed lawsuits. “The battle has been overwhelming, with a scrappy band of pro-reform rebels outnumbered […]
“U.S. regulators adopted rules that will require most swaps trades to be publicly reported, a response to lax derivatives oversight in the run-up to the credit crisis. “The rules approved today by the Securities and Exchange Commission call for an interim period during which all swaps must be reported to public databases within 24 hours. […]
Washington, D.C., January 14, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement on today’s SEC votes adopting rules to implement the new reporting framework for transactions in security-based swaps: “The SEC should be applauded for taking strong action today on a number of critical issues that should reduce the […]
Washington, D.C., January 13, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today in advance of the SEC’s meeting and votes tomorrow: “Executives and management at financial firms too often subordinated compliance to the high risk pursuit of ever bigger profits and bonuses. It is often viewed as an […]
Washington, D.C., January 13, 2015 – Dennis Kelleher, President and CEO of Better Markets, issued the following statement today in advance of more votes this week in the House of Representatives that put Wall Street’s bonuses and deregulation above all other issues: “Just one week after being sworn into office, the House of Representatives is […]
Just weeks after receiving a green light to once again trade high-risk derivatives with taxpayer support in the 2014 Omnibus, Wall Street and their allies are seeking to carve another loophole in Dodd-Frank. This time they are seeking an additional two years to come into compliance with key provisions of the Volcker Rule, a move […]
“On January 7, 2015, Day 2 of the new Congress, the House Republicans put their cards on the table with regard to the 2010 Dodd-Frank financial reforms. The Republicans will chip away along all possible dimensions, using a combination of legislation and pressure on regulators – with the ultimate goal of relaxing the restrictions that […]
“WASHINGTON — After stuffing Wall Street’s stockings in December with subsidies for risky trading, the House of Representatives plans to wish big banks a happy New Year on Wednesday by hacking up and delaying the Volcker Rule. “The Volcker Rule is a key reform adopted after the 2008 financial meltdown that bans banks from gambling in securities […]
“CEOs Still Dodging Bullets” “The bottom line is that the SEC’s cases as a rule don’t include the top people “at the biggest, most powerful, politically connected banks that set the tone and the culture for the industry,” said Dennis Kelleher, chief executive of Better Markets, a nonprofit that promotes investor interests in financial regulation.” […]
“The banks may now press to hold onto investments in some of their funds until 2022, since Dodd-Frank envisions an extra five-year extension for funds that are “illiquid,” the financial term for something that is hard to sell quickly.” “Consumer advocates are disappointed with the delay until 2017. They said that they did not accept […]
“The Volcker rule ensures that financial institutions don’t engage in something called proprietary trading, which is when a bank trades for its own benefit as opposed to for the benefit of its customers. Banks were supposed to comply with the Volcker rule by July 21, 2014. Last year, when banking watchdogs finalized the rule, the […]
“On Friday, the Federal Reserve delayed by two years compliance with the Volcker rule, the prohibition on banks’ proprietary trading—deals made to profit the bank instead of their clients. The postponement removes a key argument of those people who dismissed Congress’ Christmas gift last week to Wall Street, the elimination of Dodd-Frank Section 716.” “Section […]
President and CEO Dennis Kelleher, of Better Markets, on derivatives and international implications of the swaps push out provision in the CRomnibus spending bill. CJOB 680 – Greg Mackling – Dec. 17th, 2014 Listen here!
“The Federal Reserve extended by two years the time that big banks have to comply with a new rule that requires them to dispose of investments in hedge funds, private equity firms and other risky operations.” “The provision is part of the so-called Volcker Rule, embedded in the 2010 Dodd-Frank banking reform law and designed […]
“Christmas came early for Wall Street this year. The Federal Reserve on Thursday granted banks an extra year to comply with a key provision of the Volcker Rule, a move that gives financial lobbyists more time to kill the new regulation before it goes into effect. “The Volcker Rule is a key element of the […]
Washington, D.C., December 18, 2014 – Dennis Kelleher, President and CEO of Better Markets, made the following statement today on the Federal Reserve Board’s latest extension for Wall Street’s biggest banks to comply with the financial reform law: “The refusal or inability of Wall Street’s biggest too big to fail banks to comply with the financial reform law is […]
“Section 716 of the Dodd-Frank financial reform act requires that some derivative transactions be “pushed-out” from those part of banks that have deposit insurance (run by the Federal Deposit Insurance Corporation) and other forms of backstop (provided by the Federal Reserve). This is a sensible provision that, if properly implemented, would help keep our financial […]
“As Washington was betraying regular Americans in favor of big banks, Elizabeth Warren took to the Senate floor last week to ask, “Who does Congress work for?” She probably should have included President Obama in her question. “Warren (D., Mass.) was talking about a bank-authored spending bill amendment that constituted one of the most […]
MSNBC The Reid Report: Showdown Mounts Over CRomnibus Bill All eyes are on the Senate after the House passed the $1.1 trillion spending bill. Joy Reid discusses the situation with Rep. Maxine Waters, D-Calif., and Dennis Kelleher, president of the pro-regulation group Better Markets. Watch the segment here. PBS Newshour: Is the 2015 spending bill a gift […]
“Congress is poised to enact the first significant rollback of the sweeping 2010 overhaul of financial regulations by including in a government spending bill a provision that eases bank trading of complex derivatives. “The provision sparked controversy as lawmakers prepared to vote on the $1.1-trillion package that must pass before a Thursday night deadline to […]
“At the heart of the impasse in Congress over a must-pass spending bill is a provision involving the sorts of high-risk investments that ignited the 2008 financial crisis. “The dispute occurred after Republicans inserted into the bill a provision to relax the regulation of investments known as derivatives. Democrats, led by their House leader, Nancy […]
“Congress has agreed to use federal deposit insurance, which was designed to protect the savings accounts of consumers, to cover risky trading by the nation’s biggest banks. “In a small provision in the budget bill, Congress agreed to allow banks to house their trading of swaps and derivatives alongside customer deposits, which are insured by […]
Washington, D.C., December 10, 2014 – Dennis Kelleher, President and CEO of Better Markets, made the following statement today on the repeal of a key Dodd Frank financial reform provision in the “CRomnibus” budget agreement: “The sneaky, midnight repeal of a key provision of the Dodd Frank financial reform law in the budget agreement is […]
“It’s something that almost everyone can agree on: Executives should return compensation earned improperly as a result of accounting shenanigans at their companies. “But four years after Congress told the Securities and Exchange Commission to write a rule making it easier to recover unearned pay, that rule remains unwritten. Compensation clawbacks, therefore, are all too […]
Last week, I visited an alternate universe. The real world sees a pandemic of bank misconduct, but to the white-collar defense lawyers of Washington, the banks are the victims as they bow beneath the weight of regulators’ remarkably harsh punishments. I was attending the Securities Enforcement Forum, a gathering of top regulators and white-collar defense worthies. […]
WASHINGTON — Abigail P. Johnson, the billionaire president and CEO of Fidelity Investments, epitomizes the quiet, old-money side of the Boston mutual fund world. With her understated, publicity-shy manner, messy Washington politics would not seem to be her thing. But when she arrived at the soaring glass lobby of the Securities and Exchange Commission, Johnson […]
By Stephen Hall, Securities Specialist at Better Markets The final risk retention rule mandated under the Dodd-Frank law and released this week by federal regulators represents a step forward, but it still falls short of what we need to reform the securitization markets and prevent another financial crisis and devastating economic collapse. The rule includes […]
WASHINGTON—Global regulators are preparing to impose new restrictions on banks, asset managers and others who use swaps to help hedge risks and speculate on market moves. The Federal Reserve and banking authorities around the world are developing new rules that would prevent banks from entering into swaps agreements with certain customers unless their contracts include […]
“Six years ago, the $700 trillion derivatives market helped turn Lehman Brothers’ collapse into a full-blown global financial crisis. “But this weekend, regulators and large banks expect to agree on a change to derivatives that is intended to contain the damage caused by the crash of a large bank, several people briefed on the negotiations said. […]
The Securities and Exchange Commission has summarily granted Citigroup two waivers from regulatory restrictions arising out of the federal court injunction entered against it under a $285 million settlement with the SEC. These little-noticed acts of clemency, granted last Friday, September 26, 2014, without any explanation or analysis, further confirm that the agency’s current approach […]
Washington, D.C., September 15, 2014 – Adding insult to America’s economic injury, the Republican House Leadership, as early as this evening, could hand a gift to Wall Street by voting on yet another deregulation bill on the 6th Anniversary of the collapse of Lehman Brothers, said Better Markets. Today’s vote will likely include several controversial […]
Federal regulators announced on Wednesday an overhaul of a murky Wall Street market that gained infamy during the financial crisis of 2008. The Federal Reserve and the Office of the Comptroller of the Currency, as well as three other agencies, proposed a rule that would apply to over-the-counter derivatives, the financial instruments that banks and other financial entities […]
Washington, D.C. August 27, 2014 — Today, the U.S. Securities and Exchange Commission finalized an important rule that will help strengthen oversight of credit rating agencies, which played a major role in the financial crisis of 2008. Dennis Kelleher, President and CEO of Better Markets issued the following statement in response to the SEC’s vote […]
Washington, D.C. August 27, 2014 — Today, the U.S. Securities and Exchange Commission unanimously adopted a final rule that appears to be a significant step forward in reforming the securitization market, which was at the center of the financial crisis of 2008, said Better Markets. Dennis Kelleher, President and CEO of Better Markets issued the […]
Dennis Kelleher, President and CEO of Better Markets, talks about the proposed SEC supercomputer that would be used to track orders and peer into dark pools. Speaking with Pimm Fox on Bloomberg Television’s “Taking Stock,” Kelleher also highlighted the issues with outsourcing the construction of the consolidated audit trail (CAT) computer and the need to bring transparency and oversight to […]
“Around 2:30 p.m. on May 6, 2010, the U.S. stock market began to crash. It fell 600 points in five minutes, erasing about $800 billion in value. The market largely rebounded by day’s end, but investors were spooked. “It took the U.S. Securities and Exchange Commission more than four months to piece together what had happened: A […]
A relatively new Commissioner of the U.S. Securities and Exchange Commission is clearly doing her best to look out for the interests of the American people and the U.S. economy. Kara Stein has recently taken some very clear and strong positions on behalf of the public interest during consideration of two key recent rules that […]
Washington, D.C., July 23, 2014 – Today, the federal Securities and Exchange Commission (SEC) left investors and the entire economy at further risk by leaving large loopholes in its final rule for the regulation of money market funds, said Better Markets. Better Markets President and CEO issued the following statement in response to today’s vote […]
On Wednesday July 23, 2014, the SEC plans to adopt a final rule implementing changes in the regulation of money market funds (“MMFs”). The SEC issued its proposed rule in June 2013, but it was grossly inadequate to address the systemic stability risks posed by MMFs. Better Markets will be watching closely to see if, […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, and Benoît Lallemand, Head of Strategic Development for Finance Watch, issued this joint statement following the Securities and Exchange Commission (SEC) proposal to require high frequency traders (HFT) to register with a national securities association: “Predatory high frequency trading is not only damaging our markets, […]
The Securities and Exchange Commission adopted a rule on Wednesday to rein in derivatives trading by foreign branches of United States banks, moving to strengthen oversight of a risky business that helped cause the financial crisis. The rule, unanimously supported in a vote by the agency’s five commissioners, clarifies which foreign subsidiaries need to register with the […]
By the time the Securities and Exchange Commission finalized a rule last month to regulate derivatives under the Dodd-Frank financial reform law, the big banks that dominate the multitrillion-dollar market had already figured out how to game it. This is not a tale, however, of how wily banks always find a way around the rules. […]
Washington, D.C., June 25, 2014 – In response to today’s vote by the federal Securities and Exchange Commission (SEC) to adopt the first in a series of rules around the issue of “cross-border” derivatives trading, Better Markets President and CEO Dennis Kelleher issued the following statement: “The incomplete cross-border rules adopted today by the SEC […]
“Bank of America Corp. failed to win dismissal of two government lawsuits in which it’s accused of misleading investors about the quality of loans tied to $850 million in residential mortgage-backed securities. “U.S. District Judge Max O. Cogburn Jr. in Charlotte, North Carolina, ruled yesterday that the U.S. Securities and Exchange Commission properly laid out claims […]
“The top U.S. securities regulator wants to make the bond market fairer for small investors, and that could take a bite out of profits for Wall Street’s biggest banks. “Securities and Exchange Commission Chairman Mary Jo White unveiled plans Friday to make pricing information in the combined $14 trillion corporate- and municipal-bond markets easier to get. Ms. […]
“There’s no escaping the conclusion that the stock market is not a level playing field where all investors, large and small, have an equal shot at a fair deal. “A recent groundbreaking study found that undetected insider trading occurs in a stunning one-fourth of public-company deals. Experts have long debated the pros and cons of high-frequency trading, another pervasive practice, […]
“Whistleblowing is not for the faint-hearted – and especially not on Wall Street. “On Wall Street, as everyone now knows, wrongdoing by bankers, traders and executives led to disaster in 2008 after they were rewarded for taking risks with other people’s money. Leading bankers and traders were motivated – by the hope of getting large […]
“The Securities and Exchange Commission is investigating a number of big “dark pools,” according to people familiar with the probes, as stock-market regulators ramp up pressure on the private trading venues. “Investigators are exploring whether the trading systems are properly disclosing to clients how they operate, treating all investors fairly and protecting confidential client information, […]
“Bank of America Corp. (BAC) said it sent incorrect data to a U.S. regulator that made its private stock trading platform look bigger than it actually is. “The Financial Industry Regulatory Authority, one of the organizations that polices U.S. stock trading, yesterday for the first time published data on the size of alternative trading systems. Bank of America’s […]
For media inquiries, please contact [email protected] or 202-618-6433.
To sign up for our email newsletter, please visit this page.
"* (Required)" indicates required fields
please contact [email protected] or 202-618-6433.
Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.
