FOR IMMEDIATE RELEASE

Monday, October 26, 2020

Contact: Pamela Russell at 202-618-6433 or prussell@bettermarkets.com

Keep Your Eyes on the Supreme Court And Your Hands on Your Wallet

Judge Barrett’s Confirmation to the Court Means More Financial Abuse Without a Remedy

Washington, D.C.—Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement following today’s Senate vote confirming the nomination of Judge Amy Coney Barrett to the U.S. Supreme Court:

“Sadly, Justice Barrett’s confirmation will prove to be a long-lasting setback for the vast majority of Americans who are so often targeted by the financial industry. In fact, anyone with a credit card, bank account, 401(k), or mortgage loan should be worried.  As we explained in our recent report, Justice Barrett’s seat on the Court will increase the likelihood of decisions favoring large corporations over individual workers and consumers who have been ripped off by banks, brokers, financial advisers, and payday lenders.

“As the Court’s 2020-2021 term progresses, the American public should keep its eye on cases involving financial regulation and economic rights, not just on cases addressing controversial social policies such as abortion, discrimination, and gun control.  Let’s see how the Court—and Justice Barrett—come out on these important questions that ultimately affect everyone’s wallet:

• Will the Court read statutes narrowly, without regard to Congress’s underlying goal of protecting consumers and investors?
• Will the Court gut the authority of the regulatory agencies to police the financial markets and protect Americans from fraud, abuse, and unscrupulous practices?
• Will the Court toss cases out of federal court by refusing to recognize plaintiffs’ injuries under the “standing” doctrine, or by forcing consumers and investors into biased and secretive arbitrations?
• Will the Court override or “preempt” state laws designed to protect people from predatory practices by financial firms?
• And will the Court mount an ever more aggressive assault on all regulation, rolling back the many rules that have protected our health, safety, and financial markets for over a century?

“As we illustrated in our report, Judge Barrett’s academic writings, her decisions as a judge on the U.S. Court of Appeals for the Seventh Circuit, and her steadfast adherence to Justice Scalia’s textualist approach to the law all indicate that she will be answering these questions the wrong way—at least from the standpoint of hardworking Americans who have been hurt by financial firms.  That means less money in their wallets to meet basic needs, support a family, and plan for retirement.

“We urge Justice Barrett and her colleagues on the Court to prove us wrong.  Time will tell.”

Read the Report “Economic and Financial issues before the Supreme Court and the Impact of Judge Amy Coney Barrett” and two fact sheets: Supreme Court Watch: Upcoming Issues and Cases in the Supreme Court That Will Affect Americans’ Financial Well-Being and Supreme Court Watch: Senators Must Probe How a Justice Amy Coney Barrett Might Impact Americans’ Financial Lives.

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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.