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March 14, 2018

Senate Marks 10th Anniversary of Historic Collapse of Bear Stearns By Deregulating Big Banks, Increasing Likelihood of Another Crash

FOR IMMEDIATE RELEASE
Wednesday, March 14, 2018
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 Senate passage of S. 2155 today:

“Marking the tenth anniversary of the collapse of Bear Stearns and the onset of the 2008 financial crisis, the Senate today passed a bill that will significantly roll back financial protection rules designed to prevent the biggest banks in the country from crashing the financial system and needing taxpayer bailouts again.

“The bill is a Trojan Horse claiming to be all about little community banks, but in fact reduces the oversight and regulation of 26 of the biggest banks in the country, many of which received billions in taxpayer bailouts and have racked up billions in fines for repeatedly breaking the law.  The biggest beneficiaries of this Senate bill are bailout recipients, recidivist lawbreakers, and foreign-owned banks.  They are not community banks or the tens of millions of Americans who suffered from the last crash.” 

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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.

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