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Eugene Scalia has been Wall Street's Best Friend and a One-man Financial Stability Wrecking Crew

FOR IMMEDIATE RELEASE
Monday, September 16, 2019
Contact: press@bettermarkets.com

Washington, D.C.  –  Stephen W. Hall, Legal Director and Securities Specialist at Better Markets, made the following statement in connection with the release of a Report and accompanying Summary on President Trump’s nominee, Eugene Scalia, to be Secretary for the Department of Labor (DOL):

“As an attorney in private practice, Eugene Scalia has chosen to represent a long list of financial firms and financial industry trade groups which have relentlessly sought to gut, weaken, rollback, or kill some of the most critical financial reform protections for investors, customers, retirees, and all Americans.  On behalf of his corporate and trade association clients, Mr. Scalia has chosen to fight against rules designed to protect investors and shareholders from predators; against agency actions to preserve the stability of our financial system and prevent financial crashes; and even against the most basic right that every citizen believes they have to seek justice in an open and fair courtroom.

“His advocacy has come at the expense of investors, consumers, the entire financial system, and all hardworking Americans and taxpayers, who had to bailout Wall Street during the 2008 crash.  The financial system today is more fragile and financial crashes are more likely as a result of the clients he chose, the arguments he advanced, and the tactics he used.  While many policymakers and members of the public will focus on other aspects of Mr. Scalia’s resume, these choices should be foremost in their minds as the confirmation process unfolds.

“That’s why Better Markets has just released a report reviewing some of the key cases that Mr. Scalia has chosen to litigate over the years in the area of financial regulation, investor protection, and forced arbitration.  The Report raises the question whether, if confirmed as the next Labor Secretary, Mr. Scalia would put the interests of hard-working Americans and retirees ahead of the rich and powerful corporations who employ them or provide them with retirement planning and advice.”   

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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