Better Markets (@BetterMarkets) / Twitter

Wowzer. Thanks!

has a great team & we're really fortunate to have many supporters that enable us to do what we do, from small donors to foundations like

@OmidyarNetwork

@OpenSociety

.

Quote Tweet

Nomi Prins

@nomiprins

7h

Replying to @DennisKelleher and @federalreserve

The work that you and Better Markets do is important and a true service to the general public. Navigating the real impact of policies that impact us all and making analysis that’s smart, accessible and actionable!

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also cites our recent report on the Federal Reserve and systematic instability which you can find here:

bettermarkets.org

Federal Reserve Policies and Systemic Instability: Decoupling Asset Pricing from Underlying Risks |...

Dennis Kelleher, Cofounder, President, and CEO; Phillip Basil, Director of Banking Policy While most of the current focus on the Federal Reserve (“Fed”) is around inflation and the Fed’s fight...

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In

’s latest column she explains that the

@federalreserve

should have been quicker to tackle the risks of its post-crisis policies, noting that “America’s monetary chickens are coming home to roost.” ft.com/content/442891

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Better Markets Retweeted

Nomi Prins

@nomiprins

8h

Check out this brilliant

@BetterMarkets

report on Fed policies and systemic instability. It notes how Wall St banks were, "unrivaled recipients of the Fed's largess. The six largest banks are estimated to have made $1 trillion over the last 10 years."

bettermarkets.org

Federal Reserve Policies and Systemic Instability: Decoupling Asset Pricing from Underlying Risks |...

Dennis Kelleher, Cofounder, President, and CEO; Phillip Basil, Director of Banking Policy While most of the current focus on the Federal Reserve (“Fed”) is around inflation and the Fed’s fight...

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Better Markets Retweeted

.

is one of the most astute observers of global finance & all related issues. Her column today is a must read (& not just because it is highly complementary of

@BetterMarkets

' work): "

@federalreserve

finds itself in a nasty hole":

ft.com

The Fed finds itself in a nasty hole

America’s central bank should have been quicker to tackle the risks of its post-crisis policies

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Excellent piece by

on how fraud and carnage in the crypto markets has disproportionately impacted Black America and left it "holding the bag."

ineteconomics.org

How the Crypto Hustle Carries on America’s Shameful History of Racial Inequality

Cryptocurrency was supposed to change the economic outlook for Black America. For many, it made things worse.

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Better Markets

@BetterMarkets

15h

Despite the industry's relentless attacks,

@SECGov

has an excellent track record of enforcing the law on #crypto. Those interested in stopping the crypto crime wave should surge resources to the SEC & fund its important mission to protect investors. bit.ly/3HdP9NL

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Better Markets

@BetterMarkets

15h

Our Legal Director Steve Hall notes in the story that the rule could help address "some of the most outrageous abuses we saw" that led to the 2008 financial crisis. Read our full statement on the rule here:

bettermarkets.org

Better Markets Applauds Long Overdue Rulemaking that Prohibits Conflicts of Interests in Securiti...

WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement upon the vote by the Securities and Exchange Commission (SEC) to propose a rule to implement...

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.

aptly covers the

proposing a rule barring traders from betting against the very assets they sell to investors.

reuters.com

SEC mulls Wall Street 'conflicts' rule, a decade after 1st try

Wall Street's top regulator on Wednesday was set to unveil a rule barring traders in asset-backed securities from betting against the very assets they sold to investors, behavior that became infamous...

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We're glad to see the

@SECgov

propose a rule that prohibits conflicts of interest in securitization transactions. This long-overdue proposal will target some of the most outrageous abuses we saw leading up to the 2008 financial crisis.

bettermarkets.org

Better Markets Applauds Long Overdue Rulemaking that Prohibits Conflicts of Interests in Securiti...

WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement upon the vote by the Securities and Exchange Commission (SEC) to propose a rule to implement...

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Better Markets Retweeted

Once

's crypto speech today is available I'll post the link, but in the meantime read the Report

released today on

many actions to rein in the lawless #crypto industry here:

bettermarkets.org

Report: The SEC Has an Excellent Record Reining in The Lawless Crypto Industry Contrary to Industry...

WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement in connection with the release of a report entitled “The SEC’s Excellent Record on Crypto:...

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Better Markets

@BetterMarkets

Jan 25

Our latest report explains how the

@SECGov

is doing just that. bettermarkets.org/analysis/the-s

We agree with

&

who argue in

op-ed that “Policymakers must protect our economy from bad actors by urging the crypto industry to comply with existing laws.”

thehill.com

Why we support SEC regulation of crypto

Last year, we watched FTX join a long list of crypto-asset companies that shuttered during the “crypto winter” of 2022, underscoring the urgent need to protect our economy from harmful practices by…

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Better Markets Retweeted

The nonprofit

put out a report on the SEC's track record of crypto regulation today, describing it as "excellent" (an assessment that many in the industry will surely disagree with). Here's the full report: bettermarkets.org/wp-content/upl

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Our report on the

's excellent record on #crypto explains that the agency has pursued a multi-track strategy to get the industry to comply with the laws, like every other law-abiding firm and industry in the U.S. bettermarkets.org/newsroom/repor

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Better Markets Retweeted

As

wooed DC,

were going after the crooked crypto industry, which is why the industry & its political & media allies have baselessly attacked

@SECGov

.

@BetterMarkets

sets the record straight here:

bettermarkets.org

Report: The SEC Has an Excellent Record Reining in The Lawless Crypto Industry Contrary to Industry...

WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement in connection with the release of a report entitled “The SEC’s Excellent Record on Crypto:...

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Better Markets Retweeted

Dennis Kelleher

@DennisKelleher

Jan 25

Another great story from

@nytimes

team showing again how little is actually known about the nefarious activities of

@SBF_FTX

@FTX_Official

: "The Unknown Hedge Fund That Got $400 Million From Sam Bankman-Fried": tinyurl.com/3d5rpub6

@yaffebellany

@MattGoldstein26

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Better Markets

@BetterMarkets

Jan 25

The Report we are releasing today details the facts of what the #SEC has actually done and why it has been as effective as possible under the circumstances. bettermarkets.org/analysis/the-s

2

The

has been subject to withering & relentless criticism from the #crypto industry & its allies, particularly in Congress but also in the media. That criticism has largely been fact free & baseless, ignoring if not lying about the SEC’s mission.

bettermarkets.org

Report: The SEC Has an Excellent Record Reining in The Lawless Crypto Industry Contrary to Industry...

WASHINGTON, D.C.— Dennis M. Kelleher, President and CEO of Better Markets, released the following statement in connection with the release of a report entitled “The SEC’s Excellent Record on Crypto:...

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Better Markets Retweeted

Very good paper from

, et. al.

re failed Fed policy. One criticism, though: they focus only on market risk, not what nonstop ultra-accommodation did to make America a lot less equal, recession/inflation still more painful.

Quote Tweet

Better Markets

@BetterMarkets

Jan 23

Our team's latest report examines how we got here, the risk implications of the Fed’s prior actions, and what the Fed must do to prevent making similar mistakes in the future. bettermarkets.org/analysis/feder

Show this thread

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Better Markets

@BetterMarkets

Jan 23

Our team's latest report examines how we got here, the risk implications of the Fed’s prior actions, and what the Fed must do to prevent making similar mistakes in the future.

bettermarkets.org

Federal Reserve Policies and Systemic Instability: Decoupling Asset Pricing from Underlying Risks |...

Dennis Kelleher, Cofounder, President, and CEO; Phillip Basil, Director of Banking Policy While most of the current focus on the Federal Reserve (“Fed”) is around inflation and the Fed’s fight...

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While the focus will be on interest rates at the upcoming FOMC meeting, we also need to ask how the

@federalreserve

's actions post 2008 helped create the situation we're in today.

wsj.com

Fed Sets Course for Milder Interest-Rate Rise in February

Officials could begin deliberations at their coming meeting on whether and when to pause rate increases this spring.

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Bank resolution planning that includes readily available capital is critically important to prevent financial crashes. Unfortunately

@federalreserve

@FDICgov

proposal to address this issue goes about it the wrong way. Learn more in our comment letter.

bettermarkets.org

Proposed Rule on Large Bank Resolution Is Fundamentally Flawed and More Must Be Done to Strengthen...

Why It Matters. A key objective of the DFA was to end too-big-to-fail (“TBTF”) and eliminate the potential need for future taxpayer-funded bailouts. A large part of this is preparing large banks to...

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's

covers fines imposed by banks for money laundering & other financial crimes. Our

@DennisKelleher

explains that “No matter how big the fines are they don’t punish & they don’t deter” & are “mostly a meaningless cost of doing business."

ft.com

Global anti-money laundering fines surge 50%

New data fuels doubts over effectiveness of crackdown on financial crime since 2008 crisis

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Better Markets

@BetterMarkets

Jan 20

"They should be covering 100% of every area where the biggest risks come from."-

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The

wants the 6 largest banks to compile data on how their businesses would be impacted by #ClimateChange. But

tells

&

that the banks should do more.

reuters.com

Fed wants climate risk analysis from 6 largest U.S. banks by July 31

The Federal Reserve on Tuesday told the six largest U.S. banks to compile data on how their businesses would be impacted by climate change outcomes and the transition to a lower-carbon economy in...

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Better Markets Retweeted

Great story

&

, but this is a BOMBSHELL: LedgerX was bought w/ money from Alameda Research that was diverted from

@FTX_Official

US! Who bought it/what are the implications/can they now sell it?

1/

Quote Tweet

Alexander Osipovich

@aosipovich

Jan 19

Exclusive: FTX CEO John Ray says he's considering the option of restarting FTX.com, the bankrupt company's main exchange, to maximize value for customers and creditors. “Everything is on the table,” he said in an interview. With @ajsaeedy wsj.com/articles/new-f

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Better Markets Retweeted

Great story by

on

&

"#FTX Founder Gamed Markets, #Crypto Rivals Say":

nytimes.com

FTX Founder Gamed Markets, Crypto Rivals Say

Sam Bankman-Fried found ways to control the prices of digital coins to benefit his companies, FTX and Alameda, according to cryptocurrency investors.

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Better Markets Retweeted

Great that

& others are taking this position, but, as

@BetterMarkets

has pointed out repeatedly for many months, self-certification is only 1 of many dangerous provisions still being pushed by crypto; see tinyurl.com/bdf8t8tx & tinyurl.com/efwz328a

Quote Tweet

Democratic CFTC commish @ChristyGRomero advises Congress to hit the pause button on crypto legislation following FTX collapse and strongly urges lawmakers not to allow crypto exchanges to "self-certify" which assets they list, echoing SEC's @GaryGensler. wsj.com/livecoverage/s

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Better Markets

@BetterMarkets

Jan 19

This is an example of the increasing bank-like activities of crypto and FinTech companies. Our latest Fact Sheet examines the important role the banking regulatory agencies have in addressing these new technologies.

bettermarkets.org

Fact Sheet: FinTech, Crypto, the Banking Industry and Regulation | Better Markets

Download the fact sheet here. By Dennis Kelleher, Co-Founder, President and CEO Phillip Basil, Director of Banking Policy Introduction The recent rapid and spectacular collapse of the crypto company...

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The collapse of

has clearly shown the fiction and lawlessness of the #crypto industry. Fortunately, this crypto carnage has largely been kept out of the banking and financial system due mostly to the financial regulatory agencies. bettermarkets.org/analysis/fact-

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Actions like these created a significant set of financial conditions & risks that we are dealing with today. Learn more from our experts about what the Fed & policymakers need to consider moving forward.

bettermarkets.org

Federal Reserve Policies and Systemic Instability: Decoupling Asset Pricing from Underlying Risks |...

Dennis Kelleher, Cofounder, President, and CEO; Phillip Basil, Director of Banking Policy While most of the current focus on the Federal Reserve (“Fed”) is around inflation and the Fed’s fight...

1

9

Asset purchases intended to depress longer-term rates expanded the

@federalreserve

's balance sheet nearly 5 times to $4.4 trillion prior to the 2020 Pandemic Stress, after which it added an astonishing $4.5 trillion more. bettermarkets.org/wp-content/upl

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As

rolls out a policy to encourage companies to disclose misconduct,

@DennisKelleher

tells

@ChrisPrentice

@Reuters

that "Individuals must be meaningfully and personally prosecuted in every case."

reuters.com

U.S. Justice Department rolls out policy to coax companies to report wrongdoing

U.S. federal prosecutors will have greater leeway to decline to prosecute companies that self-report criminal matters and cooperate with government investigations, the Justice Department said on...

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The

's recently released regulatory agenda once again shows that

@CFTCbehnam

spent his time in 2022 meeting with

@FTX_Official

and

@SBF_FTX

and pushing their regulatory and legislative priorities, rather than serving the American people.

bettermarkets.org

The CFTC’s New Regulatory Agenda Shows It Is AWOL and Failing to Fulfill Its Important Mission |...

WASHINGTON, D.C.— Dennis Kelleher, President and CEO, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) recently released regulatory agenda: “The CFTC’s...

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Better Markets

@BetterMarkets

Jan 18

After additional lawbreaking was identified by

@WellsFargo

last month, we argued that that it was time to break up the recidivist bank.

bettermarkets.org

CFPB’s Latest Action Against Wells Fargo’s Years-Long, Widespread, Repeated Lawbreaking Again...

WASHINGTON, D.C.— President and CEO Dennis M. Kelleher issued the following statement in response to the CFPB’s latest action against widespread lawbreaking at Wells Fargo: “The Consumer Financial...

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In MorningMoney,

covers

ActingChair Hsu's too big to manage speech

@brookingsecon

. He quotes

@DennisKelleher

"Good framework for future cases but should be applied immediately to

@WellsFargo

@Citibank

, 2 recidivists that are clearly TBTM."

politico.com

Morning Money

Just how long can Treasury buy time for Congress to strike a deal to raise the debt limit?

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Better Markets Retweeted

Yes, great speech by

Acting Chair, but it's still just talk, which lacks credibility; the American people need & deserve action. 2 examples today:

@WellsFargo

&

@Citibank

. There is no valid reason for them not to have already been broken up. 1/

Quote Tweet

Better Markets

@BetterMarkets

Jan 17

We agree with @USOCC Acting Chair Mike Hsu: “The most effective and efficient way to successfully fix issues at a #TooBigToManage bank is to simplify it—by divesting businesses, curtailing operations, and reducing complexity.” Today at @brookingsecon. brookings.edu/events/too-big

Show this thread

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Regulators can’t allow large banks to keep breaking the law, seriously harming their customers, and failing at basic risk management without consequences.

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We agree with

Acting Chair Mike Hsu: “The most effective and efficient way to successfully fix issues at a #TooBigToManage bank is to simplify it—by divesting businesses, curtailing operations, and reducing complexity.” Today at

@brookingsecon

.

brookings.edu

Too big to manage?

On Tuesday, January 17, the Center on Regulation and Markets hosted an event to explore the issue of financial institutions that are "too big to manage." Acting Comptroller of the Currency Michael...

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