Hi friend,
The economic and financial decks are stacked against most Americans, no matter how hard they try or how hard they work. That is largely because the already wealthy have a stranglehold on the economy via a financial system that too often is focused on highly profitable wealth extraction activities to enrich the few rather than enabling broad-based wealth creation for the many. A big reason for that is that those wealthy few and the financial industry have hijacked, captured, and corrupted the democratic processes in Congress and at the regulatory agencies.
In just the past few months, we’ve seen Members of Congress parroting bank lobbyist talking points on proposals to curb predatory bank fees and shilling for a lawless crypto industry that has spent millions to get Congress to put its priorities above those of the American people. In fact, the crypto industry is poised to spend hundreds of millions of dollars this year targeting elected officials who don’t sell out the public interest and serve their special interests, copying a common tactic of the traditional financial industry.
For most Americans, even the most informed and even well-meaning lawmakers, it can be very difficult to see the truth through the financial industry’s barrage of propaganda, advertising campaigns, astroturf campaigns, lobbying, and campaign expenditures. (For just how common, longstanding, misleading and mendacious such influence campaigns can be, see Nick Hanauer’s new book “exposing the lies and half-truths that protect profit, power and wealth in America.”) That’s why we work tirelessly to strip away that PR-driven baloney, shine a bright light on what the financial industry is really doing, and push the best interests of Main Street Americans to the top of the agenda across Washington. This includes providing facts, analysis, and truly independent views for policymakers as they make decisions that impact the economic and financial well-being of all Americans.
Earlier this month, Rep. Stephen Lynch (D-MA) cited our work in a debate at a hearing about the importance of disclosure in our markets, especially around climate-related risks. The fossil fuel industry and its many allies on Wall Street and throughout the financial industry, as well as their many friends in Congress, have grossly distorted this crucial debate and policymakers fighting for the public interest need support as they take on those special interests.
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“I think it’s described well by the folks over at Better Markets.”
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Our advocacy is crucial on the full range of economic and financial issues, including for example the Department of Labor’s recently finalized Retirement Security Rule. We relentlessly advocated for this rule that will save tens of millions of Americans tens of billions of dollars in retirement investments. But the rule now faces a wave of misinformation and baseless opposition from the financial industry at the regulatory agencies, in Congress, the media, and even during sports events like the Superbowl! Better Markets will be fighting the industry’s relentless disinformation and lobbying campaigns on this issue every step of the way.
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Hardworking Main Street Americans need a fighter who is expert in how power really works in Washington, fearless in opposing the financial industry and its many allies, and tireless in protecting, promoting, and prioritizing their financial and economic interests. Better Markets is that fighter, but we can only do that because of your support. That’s how we are able to take on the most powerful special interests in Washington.
Best,
Dennis Kelleher
Co-Founder, President & CEO
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Dennis Kelleher was on Bloomberg’s TV Crypto show to discuss the lawless crypto industry, its plans to influence the 2024 election, and Sam Bankman-Fried’s recent conviction for fraud.
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The Department of Labor finalized its new Retirement Security Rule which will help all Americans retire with dignity by ensuring they get advice from financial advisers that is in their best-interest. This is a rule we tirelessly advocated for and will defend against bogus attacks from the financial industry.
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Dennis Kelleher with Acting Secretary of Labor Julie Su and AFL-CIO President Liz Schuler at the White House announcement of the rule.
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After being rejected by the CFTC, a financial firm is still fighting in Court to allow gambling on United States elections. If they win, it will create powerful new incentives for bad actors to interfere with our elections and insidiously influence voters. We explain more in our recent Substack post.
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On Earth Day, we released a fact sheet that examines the growing climate crisis, its impact on the financial well-being of all Americans, and the need for the financial regulatory agencies to adapt and respond to climate risks. If not addressed, the impact of climate change will not only make our environment uninhabitable but will also hurt the financial well-being of working Americans throughout the country.
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Better Markets in the News
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Perhaps they [tokenization advocates] will harness blockchain for good—notwithstanding its use so far as the foundation for the crypto craze, which has created nothing of real value other than a tool favored by speculators, gamblers and criminals. But because this application of technology has a limited track record in anything resembling legitimate finance, it needs to be closely monitored and regulated because serious risks to investors and the financial system could well emerge. Time will tell.
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Activities at the Regulatory 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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Congress was only in session for two weeks in April with Easter and Passover holiday recesses, but there were still a number of important hearings covering crypto, climate, and forced arbitration. Lawmakers also reacted to an important rule from the DOL.
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Dennis Kelleher was on Bloomberg Intelligence’s Vote and Verdicts podcast to discuss ‘Kangaroo’ Courts, Capital requirements, the SEC’s climate change disclosure rule, and more.
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