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From Securities Regulation Daily, February 7, 2017

Pelosi calls Trump’s financial reform plan ‘Wall Street First’

By J. Preston Carter, J.D., LL.M.

At a press conference held by a number of Democrats to discuss President Trump’s Executive Order on financial reform, Rep. Nancy Pelosi (D-Calif) said, "This Administration has unleashed a ‘Wall Street First’ Agenda to pad the pockets of their Wall Street friends."

In opening remarks, Pelosi said, "Instead of fighting for hard-working families abused by our economy as he promised in the campaign, the President and his billionaire cabinet have abandoned Main Street to enable Wall Street’s corrosive profiteering of the banks on the back of hard-working Americans." She also said that in passing the Dodd-Frank Act, "Democrats enacted strongest Wall Street consumer financial protections in history."

Green cites mendacity. Also speaking at the press conference, Rep. Al Green (D-Texas) said, "Our government made a promise to Main Street that it would never again allow Wall Street to take our nation’s economy hostage through mendacity and rapacity." He added, "We must not allow Wall Street to ‘trump' Main Street."

Hensarling responds. Responding to the press conference, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said, "Democrats played right into Wall Street’s hands when they passed Dodd-Frank. As one Wall Street CEO said, Dodd-Frank has created a ‘moat’ of protection around the big banks. Another Wall Street CEO points out that Dodd-Frank’s complex rules and regulations serve to protect Wall Street’s big banks from competition from smaller mid-sized and community banks and credit unions."

Ill-advised.  According to Lisa Donner, Executive Director of Americans for Financial Reform, "the Trump administration plans to turn over financial regulation to Wall Street titans Goldman Sachs and JPMorgan Chase, making it easier for these giants to steal from their customers and destabilize the economy." She noted that an executive order, alone, does not reverse any of Dodd-Frank’s protections. Instead, "it is an ill-advised command to executive and independent agencies, asking them to reconsider the safeguards put in place after the crisis."

Companies: Americans for Financial Reform

MainStory: TopStory DoddFrankAct TrumpAdministrationNews

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