WASHINGTON, D.C. — Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the release of a special report highlighting the profound impact of the U.S. Supreme Court on Americans’ financial lives:
“Most Americans know that the Supreme Court plays a critical role in determining Americans’ rights and remedies when it comes to fundamental rights issues like abortion, gun control, and especially now, immigration, which get all the media attention. Less noticed but equally important are the Court’s decisions affecting Americans’ economic and financial lives—decisions that determine whether the law will be applied broadly or at all to protect their wallets and pocketbooks, paychecks, bank accounts, credit cards, or investments. The Court effectively decides whether financial protection agencies will have the authority and ability to protect and compensate them when they are ripped off by corporations and Wall Street’s biggest banks.
“Our report highlights some of the Court’s decisions from its last term that for years to come will affect the financial regulators, the markets, investors, consumers, and retirement savers. For example, among the most dangerous trends profiled is the Court’s willingness to ignore Congress’s limits on the President’s ability to fire leaders at the regulatory agencies, clearing a path for the President—any president—to fire anyone who doesn’t do as he demands no matter how extreme the demand. Stifling all dissent, the President will create one-sided echo chambers at these key agencies that were created to protect hard working Americans on Main Street, small businesses, and community banks, ultimately undermining the foundations of our Democracy.
“The Court greatly limited the ability of all Americans to stop illegal government actions when it effectively eliminated the long-standing power of courts to issue nationwide injunctions. We also profile some cases where the Court, to its credit, made the right call, such as respecting an agency’s regulatory processes and judgments, helping to protect retirement savings, and rebuffing attempts to resurrect the long-dormant non-delegation doctrine to dismantle beneficial agency programs. And we look ahead to some cases the Court will decide during the next term, starting on Monday, October 6th.
“This report therefore highlights that every American with a bank account, credit card, mortgage loan, or any other financial product or service is impacted by—and has to care about—the Supreme Court’s decisions. What’s also clear is that the Court must do a better job of using its enormous power to limit lawless government actions, ensure agencies have the authority they need to protect Americans, and above all, level the playing field between large corporations, with their armies of lawyers, and Main Street Americans who the laws and the regulatory agencies are intended to protect.”
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Better Markets is a non-profit, non-partisan, and independent organization founded 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.org.
