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GOP2012: Republican debate, October 11th, 2011
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GOP Candidates: Let Wall Street Regulate Itself

October 11, 2011 at 9:08 P.M.

The Republican candidates support repealing regulations that protect American consumers from deceptive lending practices, stop credit card companies from unfairly raising rates, and force the big banks to play by rules. Repealing those protections will let Wall Street write their own rules - that’s the same approach that led to the financial crisis and recession we’re still climbing out of and the American people aren’t buying it.

 

GOP 2012 CANDIDATES WANT TO REPEAL WALL STREET REFORM

  • Romney: “I’d Like To Repeal Dodd Frank.” [Boston Globe8/24/11]
  • Perry Said Dodd-Frank Should Be “Removed From The Books As Soon As We Can” Because Banks “Want To Lend, But They’ve Got Regulators.”[Perry event in Manchester, NH, 9/3/11]
  • Huntsman Called To Repeal The Dodd-Frank Law. [LA Times, 8/31/11]
  • Bachmann Sponsored A Bill That Would Have Repealed The Dodd-Frank Wall Street Reform And Consumer Protection Act. [CNN, 6/27/11]

 

OBAMA PASSED WALL STREET REFORM TO PROTECT CONSUMERS AND PREVENT ANOTHER FINANCIAL CRISIS

  • President Obama Signed Into Law The Credit Card Accountability, Responsibility And Disclosure Act, Which Prevents Card Companies From Placing Hidden Fees And Unfair Late Fee Traps On Consumers. [AP, 5/22/09]
  • President Obama Signed Into Law Landmark Consumer Protections And Financial Reform Which Shields American Families From Unfair Lending Practices, Reins In The Excesses Of Wall Street, And Works To Prevent Future Financial Crises. [The New York Times, 7/22/10]
  • The Wall Street Reform Act Created The Consumer Financial Protection Bureau, Which Has New Powers To Protect Consumers Including The Ability To Regulate Non-Bank Entities Which Contributed To The 2008 Financial Crisis. [Senate Summary of the Wall Street Reform and Consumer Protection Act, 7/1/10]

 

REPUBLICANS HAVE VOWED TO BLOCK THE NOMINATION OF RICHARD CORDRAY TO HEAD THE AGENCY THAT WAS CREATED TO PROTECT CONSUMERS AGAINST UNFAIR WALL STREET PRACTICES UNLESS THE AGENCY IS WATERED DOWN

  • “Nearly All Senate Republicans” Have “Vowed To Block The Confirmation Of Any Nominee To Head” The Consumer Financial Protection Bureau “Unless Its Powers Are Watered Down.” [Los Angeles Times, 10/6/11]
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