Statement by AFL-CIO President Richard Trumka on the eve of the eighth anniversary of the Dodd–Frank Wall Street Reform and Consumer Protection Act:
For eight years, the Dodd–Frank legislation has worked to help protect consumers and prevent Wall Street greed from ruining our economy. At the same time, corporate CEOs and their allies have tried to gut it at every turn and go back to the shady practices that led to the financial crisis.
Attacks in the mission to undo protections for working people are coming from all directions. At the center of attacks is the egregious effort to dismantle the Consumer Financial Protection Bureau, highlighted by the Supreme Court nomination of Judge Brett Kavanaugh who has vehemently opposed it. This watchdog agency has protected working people from dangerous financial products and returned more than $12 billion to ripped-off consumers. This money is what Wall Street bankers want back in their own pockets and why we cannot let them succeed.
The labor movement fought hard to win these protections for working people. We need more people who enjoy secure investments and fewer bankers who rip us off. We need more people whose financial decisions are protected and fewer hedge fund managers who gamble with our lives. That’s why we will continue to fight to hold financial institutions accountable and build a stronger safety net for all working people.
Contact: Carolyn Bobb, [email protected] or 202-637-5018