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March 29, 2017

Statement on SIFMA’s and Chamber of Commerce’s Endorsement of the Volcker Rule

FOR IMMEDIATE RELEASE
Wednesday, March 29, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement following the House Financial Services Subcommittee on Capital Markets, Securities, and Investment hearing on the impact of the Volcker Rule:

“SIFMA, the Chamber of Commerce and every other witness at today’s House hearing were asked if they thought that proprietary trading by federally insured banks like JP Morgan Chase, Goldman Sachs, Citigroup and others should be unlimited.  Congressman Jim Himes’ question was met with silence.  Not SIFMA, not the Chamber of Commerce, or anyone else thinks that the biggest banks should be allowed to gamble with taxpayer money.  That is what the Volcker Rule prohibits and that is why there is no support for revoking the rule. 

“We welcome SIFMA and the Chamber to our longstanding position and invite them to engage on the real issue of determining legitimate market making from disguised proprietary trading.  This will protect taxpayers, prevent financial crashes and bailouts, and facilitate financial activity that genuinely supports the real economy.” 

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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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