WASHINGTON, D.C.— On September 10, 2026, Better Markets filed a lawsuit in Federal District Court in the District of Columbia against the Federal Reserve Board and the Vice Chairman for Supervision, Michelle Bowman. As explained by Better Markets’ Co-founder, President and CEO Dennis Kelleher, the complaint alleges that Bowman and other Fed officials broke the law by manipulating the rulemaking process and record for the Fed’s 2026 proposed bank capital rules (Bank Capital Rules).  

Dennis Kelleher, Better Markets Co-founder, President, and CEO, announces lawsuit at National Press Club, September 10, 2026. (Image Source: Better Markets/Natalie Shotts) 

“The Fed is supposed to be an honest broker when enacting rules to protect hardworking Americans from Wall Street’s biggest, most dangerous banks,” said Kelleher. “It’s not supposed to turn that process into a charade by secretly meeting, coaching, and coordinating with those banks to rig key financial protection rulemakings. That’s not regulation or supervision. That’s corruption, and that’s why we are suing the Fed and Vice Chair Bowman.”  

The Fed and Bowman have 60 days to respond to the Complaint, after which Better Markets will respond as appropriate.  Updates on the lawsuit and related matters can be found here, and the full press conference discussing those topics can be watched here.   

Kelleher is available for interview. To arrange, contact Isabella Ristuccia, Better Markets’ Press Secretary, at [email protected]. 

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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.org.