Over the last five years, Better Markets has had a significant impact on financial reform – from re-shaping the political discourse to strengthening many parts of the Dodd-Frank rule making process. We’ve become a potent counterweight to the industry as the rules of financial reform are being drafted and challenged, filing nearly 200 comment letters so that agencies finalize the strongest possible safeguards to protect the American people from another financial crash.
Better Markets led the charge against the industry attack on the proposed Volcker Rule limiting gambling by the big banks on Wall Street, meeting with regulators, testifying before Congress, advocating abroad, and ultimately protecting the rule from being killed.
We also helped shape the way the important DC Circuit Court interprets cost-benefit analysis to ensure the Commodity Futures Trading Commission retained its authority to create new rules to better regulate the industry. We have also fought the Securities and Exchange Commission and the Department of Justice to more aggressively pursue illegal and criminal conduct at the biggest, most powerful and politically well-connected Wall Street banks.
And when the industry was fighting for weak oversight of high-risk activities outside the U.S. that put taxpayers here at home on the hook for more bailouts, we worked with regulators to enact strong oversight that protected taxpayers by getting the Commodity Futures Trading Commission to regulate Wall Street’s high-risk global derivatives bets.