Pelosi Statement on 10th Anniversary of Wall Street Reform

Contact: Speaker's Press Office,

202-226-7616

"For 10 years, the Democratic-passed Dodd-Frank Wall Street Reform and Consumer Protection Act has defended hard-working families from the reckless, irresponsible actors on Wall Street who ignited the Great Recession and wiped out the financial security of millions. Today, the Dodd-Frank Act's sweeping consumer protections have helped safeguard the livelihoods of countless people by holding bad actors accountable and curbing dangerous, predatory financial marketplace practices.

"Thanks to Democrats' tireless efforts, the Dodd-Frank Act established the landmark Consumer Financial Protection Bureau as a strong, independent watchdog to look out for the public interest, not the special interests. At its peak, the Bureau returned more than $12 billion to defrauded and scammed consumers, and last month, the Supreme Court upheld the constitutionality of the Bureau's crucial mission. Yet, instead of joining House Democrats to support this vital institution, the Trump Administration and Congressional Republicans have waged an all-out assault on the Bureau and the financial security of hard-working families. Even in the midst of the unprecedented coronavirus pandemic, as families are experiencing immense economic anxiety and fear, the Administration is working to allow abusive payday lenders to take advantage of vulnerable communities.

"Today, as House Democrats celebrate this anniversary, we remain vigilant in opposing any misguided efforts to eliminate or weaken Dodd-Frank's essential consumer financial protections. We will never waver in our mission to protect the financial security of seniors, servicemembers, veterans, students, minority communities and consumers as we work to build a more just and prosperous future for all."