Recent actions by the Biden administration, including naming competent, experienced agency heads and implementing a regulatory freeze, are significant steps toward more appropriate financial regulation that protects Main Street workers, consumers, investors, families, businesses and community banks. This is, however, just a beginning. There’s a lot to do in the coming year as we work toward fairer, more just economic and financial systems that work for all Americans, reduce inequality and make the American dream possible again.
Better Markets’ focus in 2021 will be on:
Making the economy work for everyone by getting finance to serve society by eliminating predatory wealth-extraction activities while promoting the activities that support the productive economy which should be a wealth-creation system for all Americans, particularly the underserved, disadvantaged and communities of color;
Getting the financial regulators to finish key Dodd-Frank Act financial reforms, including finalizing compensation rules that would claw-back executives’ pay, and limiting the irresponsible actions of the rating agencies; and
Ensuring that the critical issues of our day are properly prioritized by the industry and the regulatory agencies, including climate change, racial justice and economic inequality.
Holding the financial regulatory agencies accountable for their rulemaking, interpretation and enforcement of the laws, including repairing the damage done by deregulation and nonenforcement under the Trump administration.
Better Markets has closely examined the current state of the financial rules that protect Main Street families and businesses from Wall Street’s high-risk activities and identified critical areas in each financial regulatory agency that we believe must be addressed in the coming year.