WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) – ranking member of the Senate Banking, Housing, and Urban Affairs Committee – issued the following statement today in response to a new report out from the U.S. Treasury Department, which calls for rolling back Wall Street protections that were put in place to protect consumers and taxpayers following the 2008 financial crisis. Among its recommendations, the report calls for gutting the Consumer Financial Protection Bureau (CFPB), which has returned almost $12 billion to 29 million Americans who have been cheated by shadowy debt collectors, for-profit schools, and payday lenders.
“When Wall Street greed goes unchecked, American taxpayers and working families pay the price. Too many hardworking Americans still haven’t fully recovered from the financial crisis, and Washington should be focused on protecting them by holding Wall Street accountable, not doing its bidding.”
Today’s report follows an executive order issued by President Trump in February. Brown has made clear he is ready and willing to work with Republicans to make changes that make Wall Street reform work better. But Brown will not allow Wall Street to be given a free pass to engage in the same risky behavior that lead to the 2008 financial crisis and left taxpayers on the hook for bailing out banks.
According to the report, Treasury consulted with banking industry groups at a ratio of 17-to-1 over consumer groups when formulating the report. Among groups listed in the report, are:
- Government Entities: 18
- Consumer Advocates: 14
- Academics: 13
- Think Tanks: 15
- Banking Industry Groups: 244