Blumenauer Statement on Protecting Important Financial Regulations
Washington, DC — Today, Congressman Earl Blumenauer (OR-03) released the following statement opposing Donald Trump’s executive order to weaken regulations in the Dodd-Frank Wall Street Reform and Consumer Protection Act:
“Trump's executive order undermines the regulations we carefully put in place to protect consumers from the horrific abuses by Wall Street that led to the 2008 economic crisis. This action is shameful and irresponsible.
“The 2008 crisis was among the greatest challenges that our country ever faced. It cost us 8 million jobs. It limited investment and put families on the street. It wiped out millions of dollars of retiree savings. It also ushered in a sense of financial anxiety that impacted American imagination and opportunity.
“Because of this, Congress passed legislation to rein in Wall Street, end taxpayer bailouts of big banks, and protect consumers. Among the most important provisions of this legislation is the Consumer Financial Protection Bureau (CFPB). Just as American consumers are protected from products that can cause serious physical harm, they should also be protected from products that can cause financial ruin. The CFPB keeps big banks in line and holds Wall Street accountable.
“Trump is trying to take us back to the days when Wall Street ruled and at the expense of the little people. The taxpayers should never again pay the price for Wall Street’s irresponsibility.”