Tom Perez on Seventh Anniversary of Dodd-Frank

DNC Chair Tom Perez released the following statement celebrating the seventh anniversary of the Dodd-Frank Act:

“In the aftermath of the worst financial crisis in generations, Democrats fought to ensure that middle class security would never again be left to the mercy of big banks. That’s why, seven years ago, President Obama signed the Dodd-Frank Act to protect consumers and small businesses from the reckless greed of Wall Street.

“This landmark law cracked down on big banks that gambled with the savings of working families while paying billions in bonuses to their executives. Dodd-Frank also established the Consumer Financial Protection Bureau, which has been vital in protecting the American people from getting swindled by big businesses and has already returned nearly $12 billion to consumers.”

“Now President Trump and Republicans want to let Wall Street run wild again. Just last month, House Republicans voted to repeal major parts of Dodd-Frank and return us to an economy that rewards the same reckless behavior that helped plunge our nation into a recession. But we can’t turn back now. While Trump and Republicans try to cater to a few wealthy bankers, Democrats will keep fighting tirelessly to protect the economic security of American families.”