To mark the one year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act becoming law, DNC Chair Debbie Wasserman Schultz released the following statement:
When President Obama signed the Wall Street Reform and Consumer Protection Act into law, it was a landmark achievement for American families and their financial well-being. As a result of this legislation, American consumers can now count on the Consumer Financial Protection Bureau to help them make the best financial decisions for their families, and our economy is more protected from the threat of future economic crises.
Unfortunately, the Republican Party and its presidential candidates have decided that instead of working to protect America’s middle class, they’d rather try to repeal, water down, or delay this reform, and they want to prevent the Consumer Financial Protection Bureau from doing its job. Republicans have consistently shown they’d rather double down on the failed policies of less regulation and more tax breaks for the wealthy that brought our economy to the brink of a depression and left millions of American families reeling. “The positions of the Republican candidates stand in stark contrast to the leadership of President Obama, who is focused like a laser on job creation and rebuilding our economy. The financial reform legislation he signed into law one year ago today was an important step forward, outlawing taxpayer-funded bailouts and guaranteeing financial firms aren’t able to take the kinds of reckless risks that got us into trouble in the first place. I want to thank President Obama for his leadership on the economy as we continue to move our country forward.