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Wall Street’s Allies in the House Continue Assault On Financial Stability

Washington, D.C., February 4, 2015  – Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the House taking up yet another Wall Street backed, destabilizing proposal:

“The Republican leadership in the House of Representatives has made Wall Street’s agenda its top priority for 2015.  The House leadership has already tried to push two Wall Street deregulation bills through in its first two weeks and now they are attempting a third.  The latest bill, H.R. 50, is designed to cripple the agencies who protect our financial stability by acting as our cops on the Wall Street beat.  Letting Wall Street regulate itself will not protect Americans’ jobs, homes or savings.  How many more rounds of putting Wall Street’s agenda first will House leadership attempt before focusing on protecting American families from another financial crash?”

“Ignoring the problems and priorities of the American middle class to do Wall Street's bidding, such as slashing funding for the CFPB, is not what the American people want.  This endless series of deregulation bills is dangerous, and a waste of time because the Obama Administration has promised to uphold financial stability by vetoing these bills, including H.R. 50.  House leadership should stop dressing up its Wall Street giveaways in the language of promoting jobs and growth and start doing what’s proven to work: protecting our wallets by properly funding the SEC and CFTC to keep Wall Street from wrongdoing.”

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Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.

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