Better Markets: New Fed rules will protect U.S. taxpayers and the global financial system.

Financial Reform Newsletter

February 26, 2014

New Fed rules will protect U.S. taxpayers and the global financial system. Last week,the Federal Reserve passed strong new rules requiring U.S. operations of the very largest foreign rules create a level playing field, prevent foreign banks from shopping around for the weakest rules, and create a more stable the EU criticized the Fed for a rule that will impact a few large European banks, the wall street Journal argued that the vote “could be a race to the top of the regulatory tree,” with the EU following with its own strong rules. The Fed’s vote was a win-win that will help prevent another global financial crisis and ensure that U.S.

Better Markets on FOX Business: Dennis Kelleher appeared on FOX Business News’ “Cavuto” to discuss Better Markets’ lawsuit to stop the DOJ’s secret deal with JP Morgan Chase.

Neil Cavuto and Dennis Kelleher on FOX Business News:

“Justice Department sued over JPMorgan deal”

Eliminating hidden conflicts of interest in investment advice. Financial professionals should offer investment advice tailored to the best interests of each individual worker’s or retiree’s financial needs goals. Unfortunately, financial advisors at wall street brokerages are allowed to offer and profit from investment advice that is riddled with hidden Better Markets sent a letter to Department of Labor Secretary Tom Perez detailing why it is so important for financial advisors to act in their client’s best interest and rebutting the industry’s baseless arguments against it. The choice is an easy one: a strong clear rule prohibiting

Fed Transcripts: It Could Happen Again. The Federal Reserve’s release of the 2008 FOMC meeting transcripts last week revealed how they never saw the the worst financial crash since 1929, which will cost this country more than $13 trillion. Making matters worse, just five years since the crash, Wall Street’s too-big and too-dangerous-to-fail banks are bigger and more dangerous than ever. And, they continue to wage war on the most sensible financial reforms that are essential to protect the American people from another catastrophic

ICYMI: ‘The Watchdog that Didn’t Bark’ & CPI’s Polk Award. The Better Markets Bloghas posts on two recent media stories you may have missed: “The Watchdog that Didn’t Bark,” a new book by Dean Starkman, is a must-read. Starkman studies the history of the financial news media and analyzes why it failed to report on the 2008 financial crash before it was too late. “After the Meltdown,” the Center for Public Integrity’s series on the too few, if any, consequences for Wall Street CEOs responsible for the 2008 financial crash, recently won the George Polk Award for Journalism. The Polk Awards have been called “one of only a couple of journalism prizes that means anything.” Starkman’s book and CPI’s work center on the importance of investigative journalism, and the fourth estate’s increasingly rare but vitally important role in holding public individuals and institutions accountable.

Some recent Better Markets media coverage: For Settlements, Companies Sketch Contours of a Black Box (NYT) … Declawing Speed Traders Is Goal of Stock Market Revamp Proposal (Bloomberg) … Why Suit Against JPM’s $13B Settlement Faces Uphill Battle (American Banker) … Two Steps Forward and One Step Back for the Federal Reserve (NYT) … Fed Adopts Foreign-Bank Rule as World Finance Fragments(Bloomberg) … Can We Escape Bank Regulation by Lawsuit (Huffington Post) … Justice Department Sued over JPMorgan Deal (FBN)

Some other things that might interest you: U.S and Britain Join Forces in Bank Misbehavior Cases (NYT) … Financial Regulators Are Still Flying Blind (Bloomberg) … If HFT Is Here to Stay It Needs to Be Regulated (FT) … A New Light on Regulators in the Dark (NYT) … European Banks Are Cooking Up a Nice Regulatory Arbitrage (Bloomberg)