The Progressive


A project of Common Dreams

For Immediate Release

Sasha Grodsky

Patriotic Millionaires on Dodd-Frank Rollback: Deregulating Banks Is Dangerous

"We must not turn the regulatory calendar back to as it was ten years ago"


This afternoon the House took a disappointing step backward when they voted to repeal substantial portions of the Dodd-Frank Act. In response Chair of the Patriotic Millionaires Morris Pearl, former managing director at BlackRock Inc., issued the following statement:

"As a long time participant in America's capital markets, I understand that those markets are an important part of making credit available to people. I also believe that the United States of America is the center of the financial world because of our strong regulatory system, not in spite of it. We must not turn the regulatory calendar back to as it was ten years ago and help the financial services industry run a business model of trapping Americans into a debt cycle."

Repealing substantial portions of the Dodd-Frank Act places the American economy back in the same unstable position it was in during the years preceding the 2008 financial crisis.

The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

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