WASHINGTON, D.C.— Phillip Basil, Director of Economic Growth and Financial Stability at Better Markets, issued the following statement in response to the advancement of Travis Hill’s nomination to be the Chair of the Federal Deposit Insurance Corporation (FDIC) out of the Senate Banking Committee:

“Today’s vote to advance Travis Hill’s nomination as the Chair of the Federal Deposit Insurance Corporation solidifies the FDIC’s current march towards massive, targeted deregulations. Rolling back these vital rules and protections benefits the largest banks and guarantees that future bank turmoil will result in bailouts. In his ten months as Acting Chair, Hill has wasted no time in implementing an agenda that undermines the mission of the FDIC by making bank failures more likely and eroding consumer protections.

“In the early 1990s and in the 2008 Crash we saw the consequence of the combination of under-regulated banks and an under-funded deposit insurance fund: taxpayer bailouts. Hill is taking all the steps to repeat this reckless combination, gambling with public money to satisfy the demands of the largest banks through lower capital requirements and other irresponsible policy changes.

“The American people deserve an FDIC Chair who is committed to making fact-driven, unbiased policy decisions that protect the best interests of American families and businesses while also safeguarding the safety, soundness, and stability of the banking system. Instead, they are being given a Chair that prioritizes the industry over the public.”

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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.org.