Protecting Main Street by Funding the Wall Street Cops
“As the daily headlines prove, Wall Street is a high crime area. It has been on a crime spree for some time now, hurting investors, consumers and families across the country. Only fully funding the Wall Street regulators at the SEC and CFTC can stop it. Getting the SEC and CFTC cops back to work on the Wall Street beat has to be a priority. Today’s action by the Senate Appropriations Subcommittee on Financial Services and General Government is a good first step to making that a reality and that bill must be passed and made law quickly,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.
“It is a fraud on the American people for anyone to claim to be for financial reform, but to not fully fund the SEC and CFTC. It is also dangerous. The only thing between Wall Street’s recklessness and Main Street wreckage is the SEC and CFTC. So far, it has been an unfair fight. Wall Street’s unlimited resources have funded a relentless attack on the unfunded agencies with puny budgets. Regrettably, the SEC and the CFTC have been set up to fail: they have been given the all-important job of protecting Main Street without anywhere near adequate resources to do the job. That must end and the Subcommittee is to be congratulated for starting that today,” said Mr. Kelleher.
“The 2008 financial crisis, caused by Wall Street’s recklessness and greed, is going to cost the U.S. more than $12.8 trillion and massive human suffering. The combined budgets for the SEC and CFTC approved today are less than $2 billion. That is a very small price to pay for protecting the American people and trying to prevent another financial collapse,” Mr. Kelleher said.
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.