For Immediate Release

Organization Profile: 
Contact: 

Phone: 202-588-1000

The 'Down With Dodd-Frank’ Routine

Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division

WASHINGTON - It’s now a routine: Every Wednesday, it’s “Down With Dodd-Frank” day on the Hill. For the third Wednesday in a row, Republicans in control of the U.S. House of Representatives Financial Services Committee have held a hearing legislation that threatens to stall or reverse the reforms of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Today, the Subcommittee on Financial Institutions and Consumer Credit, chaired by Rep. Shelley Moore Capito (R-W.Va.), held a hearing principally focused on the consumer protection features of Dodd-Frank and measures to strip key provisions.

If Dodd-Frank is weakened, the loser, of course, is the American public, which is still mired in an abyss of unemployment, foreclosures and a grim economic future. We need an effective consumer agency to prevent Wall Street rip-offs from odious financial products taking billions of dollars from Main Street to line the pockets of corporate CEOs.

###

Mid-Year Campaign: Your Support is Needed Now.

Common Dreams is a small non-profit - Over 90% of the Common Dreams budget comes from reader support. No advertising; no paywalls: our content is free. But our costs are real. Common Dreams needs your help today! If you're a regular reader—or maybe a new one—and you haven't yet pitched in, could you make a contribution today? Because this is the truth: Readers, like you, keep us alive. Please make a donation now so we can continue to work for you.

Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.

Share This Article

More in: