Hi friend,
This month, the financial regulatory agencies seemed determined to outdo one another in in enacting dangerous deregulation (tracked by agency here). If the country hadn’t just suffered through the horrific 2008 crash, this would be irresponsible; given that the country is still suffering from the consequences of that crash and these actions are likely to cause another crash, this conduct comes close to being criminal. For example, the CFPB rescinded dozens of prior agency interpretive rules and policy statements, the CFTC took action to allow unlimited and unregulated gambling on elections (with the inexplicable help of a Democratic Commissioner), the Federal Reserve hired Wall Street lobbyists and a former Goldman Sachs VP to “regulate” Wall Street, and the SEC’s new chair cemented his solidarity with the crypto industry.
These actions are undermining the core pillars that protect the American people from financial predators, illegal conduct, and financial stability. That’s the bad news. The good news is that our dedicated experts at Better Markets continue to expose and highlight these injustices, speak out against the deregulatory actions, and fight for Main Street America and the public interest across all of Washington DC.
At times, it can feel like an uphill battle. There are truly too few people and groups fighting for the public interest over special interests in Washington. That’s why we are honored that, for the fifth year in a row, our CEO Dennis Kelleher was named to Washingtonian Magazine’s Most Influential People in Washington list.
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Influencing people in power and getting policy outcomes is what it’s all about in Washington. That’s why private companies spend billions of dollars every year on lobbyists and trade groups, all of which claim to be influential. However, there are few independent validators of influence in Washington, but the Washingtonian Magazine is one of them. Every year it conducts a comprehensive review of the many thousands of people trying to influence policy and they pick just the 500 most influential.
Dennis is—once again—the only public interest nonprofit leader represented in the Banking & Finance category, and his recognition shows Better Markets’ impact as an effective counterweight to the financial industry in Washington. This recognition is a testament to the tireless work of our entire team, which is only possible due to our public supporters and generous partners like the Surdna Foundation. We recently teamed up with Surdna to build a more just, inclusive and equitable economy, which enables us to keep pushing back and fighting for what’s right.
We’re deeply grateful for your support. With your help, we will always fight for the public interest over special interests and Wall Street profits. In this time of great need, I’d ask you to consider making a donation today.
Kindly,
Maryan
Maryan Abdelmesih
Director of Strategic Partnerships and Development
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The FBI’s most recent data showed a 66% year-over-year spike in total crypto-related losses to consumers and investors, now totaling $9.3 billion. In a fact sheet, we explain how crypto is uniquely suited for criminal activities, with 98% of ransomware payments demanded by criminals coming in the form of Bitcoin.
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Congress has made it clear that contracts involving gambling, like betting on sports, do not belong in federally regulated derivatives markets. But instead of enforcing that statutory firewall, the CFTC has enabled sports betting-style contracts spread across exchanges it oversees. In our Fact Sheet, we argue that the CFTC must shut the door for good on gambling in derivatives markets.
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Our public capital markets are the envy of the world, but the SEC’s ever-expanding exemptions from the requirement that most securities offerings be registered public offerings are bleeding the public markets dry. Capital raising in the private markets now surpasses capital raising in the public markets. We issued a new report: “Private Securities Offerings Should Be the Exception, Not the Rule."
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Main Street Americans benefit from a diversified banking system that includes community banks, regional banks, and large banks (although how large remains a legitimate debate). When bank mergers are done right, they are a healthy part of that system. But when mergers are done wrong, they can result in harmful consolidation in the banking industry negatively affects consumers, small businesses and communities.
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The U.S. Treasury market is the bedrock of the global financial system, but just last month, the administration’s tariff policies caused dramatic upheaval. Although it eventually stabilized, it was a reminder of the importance of safeguarding the Treasury market. Our new fact sheets on the need to bolster the Treasury market discuss the fragilities and the importance of ensuring that the Treasury market runs smoothly both in normal times and in times of stress.
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The ability to place bets 24 hours a day is part of the reason that sports gambling is an epidemic in this country. We should not make the same mistakes with stock trading and allow for stock markets to be open around the clock. It would pose huge risks for retail investors, from inducing excessive trading to speculative trading to impulsive trading (oh, and low liquidity resulting in poor quality pricing!).
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Better Markets in the News
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| History is going to show this will be a disaster courting a catastrophe for the rest of the country and especially for Main Street Americans, who are going to get stuck with the bill cleaning up after the next financial crash.
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– Dennis Kelleher in NPR.
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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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