In 2008, Wall Street recklessness causes the financial crisis that left eight million Americans unemployed and millions more with mortgages and retirement savings run into the ground. Businesses shut their doors and new graduates faced uneasy, unrelenting unemployment. In 2010, we passed reforms to make sure that Wall Street could never crash our economy again. This fall, we celebrate the sixth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act by upholding and protecting this landmark legislation.
For far too long, Wall Street was allowed to game the system for themselves while putting millions of Americans’ savings at risk. Their actions endangered our entire economy and the livelihoods of many Americans. We recognized the need to implement necessary safeguards to prevent these unnecessary risky financial practices. That’s why I am proud to have worked with my Democratic colleagues to help shepherd Wall Street Reform into law, overhauling our financial regulations and reining in Wall Street.
The passage of Wall Street Reform restored accountability in our financial system, and shined a light on fraudulent and abusive practices within our nation’s housing and banking sectors. Today, the Consumer Financial Protection Bureau protects Americans from predatory lenders and provides consumers with the necessary information they need to make good decisions about credit, mortgages, and financial products. Wall Street Reform has streamlined transparency and oversight within our regulatory agencies. By effectively implementing these key reforms we passed into law in 2010, we will ensure that taxpayers never again have to foot the bill for Wall Street recklessness. Wall Street Reform is our armor against unscrupulous lenders and too-big-to-fail banks.
As we celebrate the sixth anniversary of Wall Street Reform, we must also remember that a healthy well-regulated financial system is a key part of our nation’s economic progress. It helps grow Americans’ retirement savings and ensures our businesses have the resources they need to grow. Wall Street Reform benefits our nation’s economy, it does not hamper it. The law makes sure that there are a set of rules that apply to everyone in a fair manner. Wall Street Reform is good for consumers and our entire economy. We must work together to prevent special interests and legislative attempts from reversing or eliminating provisions and regulations within this historic law.
Every American has a stake in our economy. It is stronger when we work together to build on the progress we’ve made. Wall Street Reform is crucial to ensuring that our economy works for everyone, from Main Street to Wall Street. Because of Wall Street Reform, we are stronger and more prosperous than we were six years ago.
