Wall Street greed, unregulated, leads to things like the Great Recession. Letting the richest 1% of Americans, big corporations, and their political allies write the rules that govern our economy cost working people trillions of dollars. As a response, the labor movement and our allies mobilized to pass some powerful reforms, notably the Dodd–Frank Wall Street Reform and Consumer Protection Act.
The act did a lot to rein in Wall Street excess and prevent banks from preying on working people. The centerpiece of the law was the creation of the Consumer Financial Protection Bureau (CFPB) to protect working people from tricks and traps in consumer financial products like mortgages and credit cards. Since its creation, the CFPB has returned $12 billion to consumers who were harmed by lenders.
But President Trump and congressional Republicans are more than willing to do the dirty work for Wall Street and the 1%. Through the misleadingly named Financial CHOICE Act, they are attempting to gut Dodd-Frank and the CFPB. Working people aren't going to stand for attempts to erase the progress we've made and strip away the protections we've instituted to protect our freedom to provide for our families.
Here are what people are saying about Dodd-Frank and the CFPB:
Congress should strengthen financial regs so greedy Wall St bankers are not allowed to gamble with the lives of working people #doddfrank— Richard L. Trumka (@RichardTrumka) July 21, 2017
Politicians attacking #doddfrank didn’t have their lives ripped apart the way too many working people did from Great Recession WallSt caused— Richard L. Trumka (@RichardTrumka) July 21, 2017