On Anniversary of Financial Crash, Court Keeps Records Secret From Public in MetLife v. FSOC
FOR IMMEDIATE RELEASE
Tuesday, September 18, 2018
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com
Washington, D.C. – Following a decision today of the United States District Court for the District of Columbia rejecting efforts by Better Markets to force public disclosure of the full record in MetLife, Inc. v. FSOC, Dennis Kelleher, President and CEO of Better Markets, issued this statement:
“We are disappointed in the court’s decision, which keeps more than half the record of this historic case secret from the public, preventing meaningful accountability of the court’s or the Financial Stability Oversight Council’s (FSOC) actions. When it comes to protecting Americans from systemically significant nonbanks, which were at the core of causing and spreading the catastrophic 2008, maximum transparency and disclosure are essential to preventing financial crashes and a well-functioning democracy.
“This is particularly ominous news for all Americans as the Trump administration continues its blind and baseless broad deregulation of finance, including its neutering of FSOC, its dramatic deregulation of nonbank SIFIs, and its revival of the dangerous shadow banking system. That this is happening on this 10th anniversary of the collapse of Lehman Brothers and the onset of the worst financial crash since 1929 should cause everyone to be very alarmed.
“It’s one thing to make new mistakes, but for the Trump administration and its deregulators to knowingly repeat the same mistakes of the recent past is a dereliction of duty that needlessly and irresponsibly risks another crash and future bailouts. The American people deserve better.”
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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.
