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May 28, 2015

SEC’s Revolving Door Hiring of Goldman Sachs Executive Will Further Undermine the Trust and Confidence of the American People

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to the SEC naming a Goldman Sachs executive as the agency’s new chief of staff:

“The American people are sick and tired of seeing Wall Street’s too-big-to-fail banks welcomed with open arms in Washington, DC even though they crashed the financial system, received trillions in taxpayer bailouts, caused widespread economic wreckage and brazenly and repeatedly break the law. The SEC’s hiring of a Goldman Sachs executive to be the SEC Chair’s very powerful, very influential Chief of Staff is an affront to the tens of millions of American families who suffered through the 2008 financial crash and are still struggling to recover today. Adding insult to injury, this person also previously worked at the SEC when the agency was missing in action in the years leading up to the worst financial crash since the Great Crash of 1929.

The revolving door and the pernicious outsized influence Wall Street has over elected officials, policy makers, and regulators are seriously eroding the trust and confidence of the American people in its own government and democracy itself. This hire will only feed that cynicism. After all, this simply is not the only well-qualified person from among 320 million Americans for such an important high government position. Rather than giving Wall Street yet more influence and access, the SEC has to get back into the business of investor protection, fighting for real financial reform and putting the cops back on the Wall Street beat to end the crime spree Americans read about every day.”

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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.

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