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An independent, nonpartisan, nonprofit promoting the economic security, opportunity & prosperity of the American people.
Washington, DC
Joined June 2010
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Today, Fed Vice Chair for Supervision Bowman refused accountability, claiming that she and the rules she voted to weaken were blameless for the 2023 failure of Silicon Valley Bank. Instead, she insists that the fault lies with Fed career staff. Link below.
🤖 Made with AI
ALT Image of Bowman, the report, and the Silicon Valley Bank collapsing.
Another review of Silicon Valley Bank will not change the basic, undisputed facts about its collapse—or Vice Chair for Supervision Michelle Bowman’s own record of weakening the rules and supervision designed to prevent precisely this type of large bank failure. Read our statement. bettermarkets.org/newsroom/b…
WATCH: Thanks to @Axios & Courtenay Brown for a lively discussion with @DennisKelleher about @SECgov’s quarterly reporting rule, community banks, the debate over AI & crypto oversight.
youtube.com/watch?v=Uu7fIo1a…
Under Chair Atkins, the SEC has proven it will do anything to benefit the crypto industry—including endangering investors by exempting crypto companies that want to facilitate tokenized stock trading from the federal securities laws. Link below.
ALT A phone with the SEC logo on it is surrounded by crypto coins.
Today, the SEC proposed to eliminate a basic shareholder right—the right to submit proposals on matters that shareholders consider important to the company. This is the latest move on the part of the SEC to silence shareholders. Link in the comments.
ALT SEC logo.
Tomorrow, the SEC will host a roundtable on 24-hour stock trading and the preparedness for a 24-hour market. But if the SEC is determined to allow 24-hour trading even when it admits the market would be unprepared, there seems to be little point to the roundtable. Link below.
ALT Image of a vintage alarm clock.
Tech insiders' recent warnings about the threat AI poses captured headlines around the world. Learn more about what this means for you and for the financial system.
Eugene Goldman has joined our team as Senior Advisor for Securities Policy. Eugene's experience and expertise will advance our work to protect investors and support durable, sustainable economic growth.
Today, investors face greater peril than at any other time in recent memory because current SEC Chair Atkins has made it his mission to eliminate disclosure requirements. That's a shift away from the SEC's decades-long mission to protect investors. Link below.
ALT An investor checks his phone and laptop.
Yesterday, we sued the Fed for corrupting the rulemaking process for the Bank Capital Rules.
But what are the Bank Capital Rules, and how do they affect everyday Americans?
@DennisKelleher explains:
The Fed is meant to be an honest broker when enacting rules to protect hardworking Americans from Wall Street’s biggest, most dangerous banks. It should not turn that process into a charade by secretly meeting with and coaching the biggest banks to rig key financial protections.
ALT Lady Justice holds tilted scales.
The Fed's rulemaking process is legally required to be open, honest, and uncorrupted, where everyone has a genuine opportunity to comment on what the agency is proposing to do.
We believe that process has been corrupted and has violated the constitutional right to due process.
The suit claims Fed Vice Chair Michelle Bowman coached big banks to make the comments on the Basel III implementation proposal limited and non-combative.
Bowman has denied this and said her interactions with bankers have been legal. americanbanker.com/news/laws…
