House Financial Services to vote in more favors for big banks today

Dennis Kelleher, President and CEO of Better Markets, issued the following statement ahead of the House Financial Services Committee mark-up today of several bills that gut financial reform, including threatening to eviscerate the Financial Stability Oversight Council (FSOC), one of the most important institutions established by the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The new provisions increase the risk of another financial crisis.  Find out more about the proposals here in letter from Better Markets.

“The bills being considered by the Financial Services Committee will gut financial reform, unleash Wall Street’s too-big-to-fail megabanks and put Main Street jobs, homes and savings at risk of another financial crash, as we detailed in a letter and two fact sheets sent to the House Financial Services Committee. A number of the bills would cripple the work of the Financial Stability Oversight Council by subjecting it to procedural requirements that make it unworkable. The financial reform law is just five years old. This is no time to start rolling back the safeguards that are protecting the American people from a repeat of the 2008 financial crash. We encourage members of the Committee to consider the impacts that these bills will have on the financial stability of the United States and on the jobs, homes and savings of hard-working Americans on Main Street.” 

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