Washington, D.C. – After President Donald Trump signed an executive order Friday that scales back 2010’s Dod-Frank financial regulatory framework, Oregon’s Senator Jeff Merkley has come out against the decision.
Trump called the Dodd-Frank Act a “disaster” and made it clear he wanted to dismantle it.
Democrat Senator Merkley issued the following response to the decision:
“Eight years ago, following a decade of predatory home-lending and risky derivative-trading practices by big banks, we witnessed the greatest financial crisis since the Great Depression. We experienced firsthand the negative consequences of the Wall Street Casino: our economy plummeted and too many middle-class families suffered.
“We have spent the last eight years digging out of that hole, and now is not the time to be relaxing the rules for Wall Street. Unfortunately, the Trump plan ignores this reality. It is an industry wish list that will help Wall Street at the expense of working families.
“Gutting Wall Street reform would make it easier for banks to once again make predatory home loans. And by attacking the Volcker Rule, it would undoubtedly bring us back to the days of taxpayer-insured hedge funds.
“We must not allow Wall Street banks to once again strip wealth from middle-class families. Trump’s supporters did not vote to hand the keys of the economy back to Wall Street. If the Trump administration tries to proceed with any plan that does Wall Street’s bidding at the expense of working families, I will fight it tooth and nail.”
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