FOR IMMEDIATE RELEASE
Tuesday, June 14, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following the release of a letter sent by Senators Menendez (D-NJ), Warren (D-MA), Gillibrand (D-NY), Schumer (D-NY), Sanders (I-VT), Merkley (D-OR), and Blumenthal (D-CT) calling on the Securities and Exchange Commission (SEC) to investigate possible misconduct related to the underwriting, sale, and trading of Puerto Rican municipal bonds that may have contributed to the current debt crisis:

“With millions of US citizens suffering and tens of billions of dollars at stake, the SEC should have quickly, aggressively and publicly begun a comprehensive investigation into the reports of wrongdoing surrounding the structuring, sale and trading of Puerto Rico’s municipal bonds. Senator Menendez was right to call out the SEC at today’s Senate Banking Committee hearing for its failure to act.

“We applaud Senator Menendez, along with Senators Warren, Schumer, Gillibrand, Sanders, Merkley and Blumenthal, for sending a letter to the SEC Chair calling for a full investigation into the possibility of wrongdoing in these markets.  The SEC has a special obligation here.  As too many cases have proved, municipalities are particularly susceptible to being victimized and, when they are, dire consequences fall on innocent citizens who have to pay in increased taxes and cut services for their government to make the bond payments.  That’s precisely what is happening in Puerto Rico where funding for everything from health care and education to the environment and basic human needs are all being cut to pay the price for possible misconduct in the bond markets.

“The Senators are right.  It is time for the SEC to act.”

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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.