Better Markets Month in Review Newsletter - September 2025

Hi friend,

If one thing is clearer than ever, it’s that America needs a strong and stable financial system that supports the real productive economy, that creates jobs and small businesses, that generates broad based opportunity, security and prosperity, and that fuels rising living standards. But we can all agree that that’s not what we have today, and too many hardworking Americans are being left behind. That’s why on September 19 we brought together some of the country’s leading thinkers, scholars, and policymakers to address the fundamental economic and financial challenges facing the country. Together, we considered how to ignite real change for Main Street Americans.

The first annual Better Markets Academic Advisory Board (BMAAB) State of Economic and Financial Policymaking Conference uplifted some of the best thinking out there on how to strengthen the financial and banking systems, facilitate broad-based wealth creation, and grow the real economy in a way that can benefit all Americans.

A theme running throughout the conference was just how badly the financial industry—Wall Street’s biggest financial firms in particular—wants to get its hands on the hard-earned money and retirement savings that Americans depend on. While hiding and disguising their self-interest, they say it’s good for Main Street Americans to buy high risk, speculative crypto and invest in dark, unregulated private markets. They never mention that they will pocket very high fees, provide very little disclosure, eliminate or reduce protections if you’re ripped off, and likely stick you with the worst performing products. To anyone not conflicted by the hope of enriching themselves with your money, the messages are clear: We must focus on the facts, prioritize Main Street Americans’ best interests, learn from past financial crashes, and ensure that sensible guardrails enable everyone to thrive.

I hope you’ll take some time to enjoy the insightful keynotes and compelling panels from the day.

SEC Commissioner Caroline Crenshaw giving the opening keynote address.

Of course, these types of activities—and, in fact, all of our work—are only possible due to your ongoing support and partnership. Next month, we’ll celebrate Better Markets’ 15th Anniversary, please consider contributing to Better Markets so we can continue to fight—against great odds—for economic and financial systems, and create security, opportunity, and prosperity for all Americans, not just the already wealthy and well-connected.

Thank you,

Dennis

Dennis M. Kelleher
Co-founder, President, and CEO

Too many policies benefit the largest banks, rather than the critically important community banks—those are the banks focused on ensuring Main Street thrives and everyday families have access to the financial resources and products they need to succeed and build wealth. Our new report advocates for policy changes that would help community banks continue to play their vital roles in growing the real economy.

Gas, groceries, electricity, rent, and so much more are costing hardworking Americans more and more every day—tariffs, price gouging, hidden fees, profiteering, and much more contribute to that, but inflation is also a big part of it. The Federal Reserve is supposed to follow the data to keep prices and inflation under control, but the president is playing politics with the pocketbooks of hardworking Americans by trying to pack it with his cronies like Stephen Miran to enact a political agenda, regardless of the facts. Miran’s allegiance to Trump and his radical policy views make him unfit for this important position. Unfortunately, the Senate rubber stamped his nomination when it should have asked him serious questions at his confirmation hearing.

The Trump Administration is gutting the federal agencies that oversee the markets, rolling back important rules, and abandoning enforcement actions. Who will stand up for local communities? Our recent report describes how state regulators can form a bulwark against dangerous deregulation, using their already considerable regulatory and enforcement authority and expanding their oversight to protect investors and consumers. 

The private funds industry wants its assets to be sold to the public while avoiding disclosure obligations still deemed "private." The bottom line—along with this being absurd on its face—is that this keeps investors in the dark when it comes to their money. Our new report explains why securities sold to the general public should be registered with the SEC so that investors get the protections they deserve.

The SEC hosted a roundtable on its ‘Trade-through rule,’ which prevents exchanges from executing trades at lower prices than those available at other exchanges. This rule has transformed the markets in a way that harms investors.

Better Markets in the News

It appears that communities of color are still being discriminated against by the biggest financial institutions in this country, notwithstanding 40 years of a legal requirement to do otherwise. Clearly the law and the banking regulators have failed.

Fighting for the Public Interest at the Rule Writing Agencies

Each month our legal team outlines some of the top cases we're keeping an eye on, the Amicus "Friend of the Court" Briefs we have filed, and why everyone with a bank account, credit card, mortgage loan, or retirement loan should be interested in those cases.

September is always a busy month on Capitol Hill as lawmakers come back to DC following the August recess. Lawmakers continued to work through nominations and must pass an appropriations bill to prevent a shut down at the end of the month.