FOR IMMEDIATE RELEASE
Wednesday, February 10, 2016
Contact: Jeff Gohringer, 202-618-6430 or email@example.com
Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement on the release of a new Policy Brief titled Stopping Wall Street’s Derivatives Dealers Club:
“Unregulated and non-transparent derivatives were at the core of causing and spreading the financial crash of 2008. They were a primary reason the financial system almost collapsed, which is what caused the need for massive taxpayer bailouts. That’s why Warren Buffet called them ‘financial weapons of mass destruction.’
That’s also why reforming the derivatives – mostly swaps – markets was a key pillar of financial reform. In fact, they were so central that an entire chapter of the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 was devoted to derivatives. The goals were systemic stability, transparency, oversight, accountability, and a level playing field that enables fair and genuine competition.
Unfortunately, many of those reforms have been killed, weakened, or evaded by Wall Street’s biggest derivatives dealers who are protecting billions in profits and bonuses. Worse, the CFTC’s inaction appears to condone some of the worst practices of the biggest dealers. Our Policy Brief issued today details those actions and what the CFTC must do to stop derivatives reforms from being undermined, if not defeated.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.