peekpublishersTLDR: People should not be barred from employment in banking for minor offenses, especially when bank executives are able to commit far worse crimes without facing consequences. Dennis M. Kelleher, Co-Founder, President, and CEO of Better Markets, made this statement in relation to the filing of Better Markets’ Comment Letter to the Federal Deposit Insurance Corporation (FDIC) regarding the Fair Hiring in Banking Act (FHBA). The FHBA aims to open up job opportunities in the banking industry for individuals who have committed minor offenses that do not pose a threat to public trust and have fully paid their debt to society. While this proposal is a step toward more equality, Kelleher argues that regulators must also increase the accountability and punishment of bank executives who engage in major lawbreaking.
In the comment letter, Better Markets emphasizes the need for the FDIC and other regulators to address the double standard that exists in the banking industry. Lower-level applicants and employees with minor offenses face employment barriers, while high-powered bank executives involved in large-scale consumer abuses and other financial crimes often remain in positions of power. The letter calls for increased fairness and equal treatment of lower-level bank employees.
However, Kelleher emphasizes that the proposal to implement the FHBA should be matched by accountability in the suites. Better Markets has consistently highlighted the harm caused by repeated lawbreaking at Wall Street megabanks and the need for stricter punishment for bank executives responsible for major criminal offenses.
Better Markets is a non-profit, non-partisan, and independent organization that advocates for the public interest in the financial markets. It supports financial reform, pro-market policies, and a stronger, safer financial system that benefits all Americans.
