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Kavanaugh: Good for Corporations, Bad for Your Wallet

FOR IMMEDIATE RELEASE
Tuesday, August 28, 2018
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

 

Washington, D.C. – With the Senate Judiciary Committee poised to open hearings to consider Judge Brett Kavanaugh’s nomination to be an Associate Justice of the Supreme Court, Better Markets is issuing a report examining his record on economic and financial cases.  The detailed report finds that Judge Kavanaugh wants to cut back on investor protections and limit agency authority, consistently favoring business interests over American consumers.

The report, “A Supreme Court Justice Kavanaugh: Good for Corporations, Bad for Your Wallet” reviews key pending Supreme Court cases, analyzes Judge Kavanaugh’s record as a judge on the D.C. Circuit in economic and financial cases, and surveys some of the most important legal holdings in the financial arena, showing the profound impact that these cases have on the economic well-being of every American.

“If you care about what’s in your wallet, you should be very worried if Judge Kavanaugh becomes Justice Kavanaugh on the Supreme Court,” said Better Markets President and CEO Dennis Kelleher.  “Anyone who gets a paycheck, has a savings or checking account, uses a credit card or debit card, or conducts financial transactions of any shape or form—in other words, every single American—should care about how a Justice Kavanaugh would rule on critical financial issues that directly impact every American family.”

Judge Kavanaugh’s rulings reflect a deep hostility toward independent regulatory agencies that exist to protect the health, safety, welfare, and financial well-being of all Americans.  For instance, instead of siding with consumers ripped off by financial predators, Judge Kavanaugh believes the Consumer Financial Protection Bureau threatens the individual liberty of Americans.  He also narrowly interprets the federal securities laws that prohibit fraud, even scolding the Securities and Exchange Commission for trying to apply those provisions broadly to protect investors.  And he can be expected to chip away at, if not work to abolish, a bedrock principle that requires courts to defer to agency interpretations of the laws they administer.

“If Judge Kavanaugh becomes Justice Kavanaugh,” continued Kelleher, “he will greatly limit the ability of federal regulators to do their jobs, leaving the American people more vulnerable to scammers, predators, and crooks.”

[A one-page overview of the report can be found here. And the full report can be accessed here.]

 

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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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