Better Markets Sues Federal Reserve Over Alleged Corruption in Rulemaking Process
Better Markets has filed a lawsuit against the Federal Reserve and its Vice Chairman for Supervision, Michelle Bowman. The complaint alleges that Bowman and other Fed officials manipulated the rulemaking process and record for the proposed bank capital rules in 2026.
The lawsuit claims that the Fed turned the rulemaking process into a 'charade' by secretly meeting with banks to rig key financial protection rulemakings, which is considered corruption. Dennis Kelleher, Better Markets' Co-founder, President and CEO, stated that the Fed is supposed to be an honest broker when enacting rules to protect Americans from Wall Street's biggest banks.
The Fed and Bowman have 60 days to respond to the complaint, after which Better Markets will respond accordingly. The lawsuit aims to stop what it calls 'corrupt Wall Street collaboration' with the Federal Reserve.