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May 26, 2021

Hill Update for May 2021

May was a busy month for congressional hearings on various financial issues of impact to Main Street Americans. Better Markets monitored many of the hearings, sent in suggested questions for consideration, and shared expertise and resources as appropriate. We also provided insight and analysis via social media, letters to appropriate congressional representatives, and fact sheets.
  • On May 6, House Financial Services Committee Chair Maxine Waters held a third hearing—Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III—to examine the recent market volatility involving GameStop and other stocks. Dennis live tweeted the nearly five-hour virtual event, providing commentary, insight, and resources for a captured audience. Following the hearing:
    • Dennis discussed GameStop, rigged markets, the third hearing and other topics in an issue of the Fintech Beat podcast
    • Better Markets released a fact sheet with highlights of the third hearing that captured SEC Chair Gensler’s views on four key issues. In the fact sheet, Better Markets also provided our assessment on each issue and what we believe should be next steps.
    • See this page for additional resources, including hearing video and fact sheets, on GameStop, rigged markets, and other topics.
  • On May 19, House Financial Services Committee Chair Maxine Waters held a hearing titled: Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.
    • Dennis and other Better Markets staff watched the virtual conference. Again, Dennis provided analysis and key takeaways on social media and elsewhere.​
    • On May 26,  Senate Banking Committee Chair Sherrod Brown held a hearing titled: Annual Oversight of Wall Street Firms.  The witnesses for the hearing were the top executives of the megabanks, including Wells Fargo CEO Charles Scharf; Goldman Sachs CEO David Solomon; Citigroup CEO Jane Fraser; and JP Morgan Chase Chair and CEO Jamie Dimon
    • Prior to the event, Better Markets shared specific resources of ours on the illegal activity of the megabanks, including this RAP sheet. In addition, Dennis and staff followed the hearing closing and shared commentary on social and with key reporters who called seeking our input.
  • Continuing to fulfill its key oversight role, House Financial Services Committee Chair Maxine Waters will hold a virtual hearing on May 27 titled: Virtual Hearing – Holding Megabanks Accountable: An Update on Banking Practices, Programs and Policies. Better Markets will provide an update on the hearing in next month’s newsletter.


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