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Statement of Dennis Kelleher on the Death of Paul A. Volcker

FOR IMMEDIATE RELEASE
Monday, December 9, 2019
Contact:  Christopher Elliott, 202-618-6433, press@bettermarkets.com

Washington, D.C.  –  Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with the death of Paul A. Volcker:

“The passing of Paul Volcker is a tremendous loss for his family, friends and, indeed, the country.  He will be long remembered as a role model for public service, a shining example of courage and a beacon of integrity. 

“Most people will – and should remember his many professional accomplishments, including his time as Chairman of the Federal Reserve from 1979 to 1987.  However, Paul should also be remembered for his more recent fight as a private citizen to get banks back into banking and supporting the real economy, jobs and growth.  He saw how high-risk, dangerous and anti-social proprietary trading and the prospect of irresistible riches from that activity had corrupted the culture of banking. 

“He knew that those destructive incentives had to be eliminated and that’s why he fought for a ban on proprietary trading.  His support for that ban faced fierce, unfair and relentless opposition from the most powerful financial institutions and bankers in the country.  As one had long come to expect, none of that slowed him down one bit.  Along with President Obama, Paul is the reason that ban was included in the Dodd-Frank Act and why it is so appropriate that the ban is called the “Volcker Rule.” 

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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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