Today is the anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act being signed into law. This landmark legislation helps protect consumers by monitoring financial systems and identifying risks to economic stability.
Unfortunately, the House of Representatives chose to gut these critical safeguards last month, passing a bill that will remove or weaken many Dodd-Frank Wall Street reforms and cripple the Consumer Financial Protection Bureau. What’s more, the House Budget Resolution released this week includes a procedural gimmick that would allow the Senate to fast track repeal of Dodd-Frank.
It’s disappointing that instead of coming together to develop policies that will support working families and grow the economy, House leaders have chosen to put Wall Street special interests ahead of the American people.
I hope enough senators come to their senses before they vote to overturn protections that were put in place so that U.S. taxpayers don’t find themselves on the hook for another Wall Street bailout. I’ll keep working with my colleagues who want to protect consumers from the kinds of reckless activities that led to the financial crisis and cost so many hard working families their jobs, homes and life savings.
As always, my office is here to serve you. If you have questions or comments about the topics that matter most to you, I encourage you to contact me through my website. You may also keep up-to-date on what I’m doing by following me on social media or through signing up for my e-newsletter. If you need assistance dealing with a federal agency, such as the VA, IRS or Social Security Administration, please do not hesitate to contact my Bothell office at (425) 485-0085.