Pelosi Statement on 7th Anniversary of Wall Street Reform
Contact: Ashley Etienne/Caroline Behringer, 202-226-7616
Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today, marking the seventh anniversary of President Barack Obama's signing of the landmark, Democratic-passed Dodd-Frank Wall Street Reform and Consumer Protection Act:
"Seven years ago, Democrats enacted the strongest set of Wall Street and consumer financial protections in history: the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank ushered in an era of financial stability, prevented future catastrophic meltdowns and taxpayer-funded bailouts and created tough, new rules to protect American consumers from predatory and abusive practices. So far, Dodd-Frank's Consumer Financial Protection Bureau has returned $12 billion to 29 million Americans wronged by abusive and unscrupulous financial marketplace companies.
"Yet, Republicans in Congress are fighting tooth and nail to dismantle the Consumer Bureau and to roll back critical safeguards for consumers and our economy. If enacted, House Republicans' Wrong Choice Act would give Wall Street the green light to return to the risky practices that triggered the worst financial and economic meltdown since the Great Depression. This partisan bill robs our men and women in uniform of the tools to attain justice when unscrupulous lenders take advantage of them. Seniors are left to the mercy of financial institutions that prey on their savings. Hard-working families across the country are stuck footing the bill for the reckless and irresponsible acts of some on Wall Street. And, next week, House Republicans are continuing their assault on the financial security of the American people by trying to deny consumers their right to go to court when wronged by a financial institution.
"Congress has a moral responsibility to protect our servicemembers and hard-working families across the country. House Democrats will fight with all our strength to create good-paying jobs, deliver bigger paychecks and build a brighter economic future for all."
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