Washington, DC – Today, in response to President Trump’s issuance of executive orders on the Dodd-Frank Wall Street Reform and Consumer Protection Act and the fiduciary rule, NCRC President and CEO John Taylor made the following statement:
“With the executive orders today, this administration is serving Wall Street and their worst tendencies rather than Main Street families.
“The executive orders to unravel Dodd-Frank and rescind the fiduciary duty rule are an affront to families and communities across the country. The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in 2010 to put in place sensible safeguards and protections for average, hardworking Americans and our economy and to prevent abuses by banks. It was made law for a very good reason: to eliminate the predatory practices and risky behavior from Wall Street that led to an economic crisis that harmed the whole country and caused millions to lose their homes.
“By the rescinding the fiduciary rule the administration is putting the financial services industry ahead of average Americans and putting families in harm’s way. Financial advisors managing retirement accounts will no longer be required to serve the best interests of their clients, endangering the hard-earned savings of millions of people hoping to retire.
“President Trump’s actions today will ultimately be toxic for working families. He should reverse the orders. Rather than slashing consumer protections, the administration should be focused on ways to create jobs by requiring financial institutions to invest safely and soundly, to revitalize communities, to improve affordable homeownership opportunities for working people, and to ensure that the nation’s start-ups and small businesses have access to capital. Rather than just meeting with banking executives, as he did this morning, he should be holding them accountable and working to help working families that are struggling to climb the economic ladder.”
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.