This is deregulation on steroids. It is dangerous and will have dramatic consequences for everyday hardworking Americans. Remember that financial agencies protect everyone with a credit or debit card, a savings or checking account, a loan or investment of any type, and those using Big Tech products. They also prevent financial crashes which protect everyone’s job, home, savings, retirement and so much more. That’s all being put at risk by the deep and broad deregulation happening now.
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The industry claims this is necessary because they are over-regulated and that reduces economic growth, but the facts prove those claims are false. Making matters worse, Trump’s deregulation comes on top of almost four decades of nonstop deregulation. The result is an already seriously under-regulated, fragile financial system. In a new report, I detail this deregulatory history, how it kills economic growth, and that four more years of deregulation is going to cause a catastrophic financial crash.
We rolled out this Report yesterday at a webinar on Trump’s first 100 days, along with a terrific discussion among our policy experts on the economic mayhem Trump has unleashed. You can watch it here. It was a really important discussion about what Trump is doing, why it’s important, and who it’s impacting, including key personnel appointments, policy actions, and emerging risks that will impact the broader economy. During the webinar, we also unveiled a new “Trump Tracker” on our website, where you can view, and sort by agency, Trump’s dangerous deregulation.
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I also had the pleasure of joining Ronan Ryan and John Ramsay of the IEX Exchange on their very lively podcast Boxes and Lines to discuss the state of economy, financial industry, and financial regulation. Many thanks to them for having me on and asking (mostly) insightful and thought-provoking questions—although the question about what words of wisdom the Wall Street bull would share if it came to life and could talk was challenging (spoiler: my answer isn’t about the bull’s horns.)
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Finally, I am honored to announce that we formed an Academic Advisory Board, which will serve as a platform for leading scholars focused on economics, law, finance, and financial regulation. The Academic Advisory Board aims to increase interaction between academics and policymakers, filling a critical gap where academic scholarship can provide important insights for policy formation and decision making. These are some of the brightest minds in economics, law, and finance and we are grateful for their commitment not only to Better Markets but to an economy that works for all Americans and a financial system that supports a growing economy.
Best,
Dennis
Dennis Kelleher
Co-Founder, President and CEO
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The U.S. financial markets are the envy of the world, but that isn’t pre-ordained or destined to last forever. It’s because investors have very high trust and confidence in those markets which is because they know they are well-regulated and well-policed by our financial regulators. President Trump’s chaotic tariff announcements have put that at risk, and could have devastating implications beyond U.S. trade policy, including impairing our nation’s geopolitical standing in the world, harming Main Street families and small businesses.
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Community Banks are the economic engine of communities all across America. They provide a safe place for families and small businesses to safeguard and grow wealth and then reinvest local dollars to help communities thrive. In a new report, we discuss community bank financial performance and resilience, as well as the ways policymakers can and should support community banks.
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The regulators have approved Capital One’s acquisition of Discover, which will result in the largest credit card company and the 6th largest bank in the country. This merger will cost consumers and endanger financial stability by reducing competition, providing less consumer choice, enabling higher fees and costs for consumers, and causing job losses.
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In the last few months, the SEC has turned its back on investors by retreating from several initiatives designed to give them information about how companies and funds approach environmental, social, and governance (ESG) factors. But ignoring, criticizing, or attacking ESG will not make it go away – ESG investing has reached an all-time high.
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As the Commodity Futures Trading Commission (CFTC) commemorates its 50th anniversary this year, it’s a time to reflect on the agency’s critical role in overseeing the U.S. derivatives markets. As financial innovation accelerates, the CFTC must draw lessons from its history to navigate the fine line between fostering innovation and preventing market exploitation. Without diligent and expert oversight, markets can be manipulated to the detriment of producers, consumers, investors, and the broader economy.
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Better Markets in the News
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| The White House cannot unilaterally declare that regulations based on and often required by laws passed by Congress are unlawful.
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Fighting for the Public Interest at the Rule Writing Agencies
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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.
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| While Congress spent two weeks of April back home for holidays, it was still a busy month on Capitol Hill as Members of Congress worked to move along financial regulator nominations, dangerous pro-crypto legislation, and a deregulatory banking agenda.
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On Earth Day, we released a fact sheet that highlights the urgent need to address climate-related financial risks. No matter how much policymakers try to minimize, disregard, or ignore it, catastrophic climate risk remains an enormous threat to the stability of our economy.
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