Warren vows to fight Trump ‘every step of the way’ on dismantling Dodd-Frank

Warren vows to fight Trump ‘every step of the way’ on dismantling Dodd-Frank

Warren vows to fight Trump ‘every step of the way’ on dismantling Dodd-Frank One of President-elect Donald Trump’s key campaign promises was to “dismantle” the controversial Dodd-Frank Act. It’s a promise that got many in the insurance industry on Trump’s side, as the business community has long maintained that Dodd-Frank places undue burdens on businesses.

One of Dodd-Frank’s most contentious effects has been the creation of “systemically important financial institutions”, or SIFIs. Three insurers – Prudential, AIG and MetLife – were designated SIFIs, and have chafed at the stringent capital standards and stress testing the designation requires. If Trump has his way, that could go by the wayside.

But one of the driving forces behind Dodd-Frank and the architect of the Consumer Financial Protection Bureau, Sen. Elizabeth Warren, said the act isn’t going down without a fight.

Warren (D-Mass.) said in a blog post that she’s prepared to work with Trump if he intends to “increase the security of middle-class families.”

“But let’s also be clear about what rebuilding our economy does not mean,” she said. “It does not mean handing the keys to our economy over to Wall Street so they can run it for themselves. Americans want to hold the big banks accountable.”

That’s not going to happen, Warren said, if the government guts Dodd-Frank.

“If Trump and the Republican Party try to turn loose the big banks and financial institutions so they can once again gamble with our economy and bring it all crashing down, then we will fight them every step of the way,” she said.

Warren acknowledged that the election showed an America ready for change.

“Regardless of political party, working families are disgusted by a Washington that works for the rich and powerful and leaves everyone else behind,” she said. “The American people have called out loudly for economic and political reform.”

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2 Comments
  • Neal Biron 11/15/2016 1:05:48 PM
    “Regardless of political party, working families are disgusted by a Washington that works for the rich and powerful and leaves everyone else behind,” she said. “The American people have called out loudly for economic and political reform.”
    Elizabeth, PLEASE, wake up and smell the stench of reality!! The American working people are sick and tired of seeing their hard earned money going to welfare programs that don't work, going to pay for subsidies that just increase their insurance premiums when you do nothing to curb the cost of health care. They are sick and tired of you giving away billions to people who hate us. They are sick of the lies coming out of Washington. Have you told the American people that the increase in Medicare taxes goes to Obamacare subsidies and not Medicare? Have you told them that employers and employees are paying more for health insurance so we can subsidize the non-group coverage through the merged market? Have you told those folks on Medicare advantage plans that they are paying more for health insurance because the Government is holding back Medicare premiums to pay for the Subsidies??

    We will never be able to progress if you continue to stick your head in the sand, cover your ears and eyes and refuse to see the truth. Yes, the greed of the corporations has to be controlled, but they are far from the only thieves taking money from hard working American families.
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  • Jay 11/17/2016 12:42:49 PM
    Everything in this comment could qualify as gospel. But what you don't point out is we don't elect rulers in this country. We elect servants. The government's job -- done right -- is similar to that of the grounds maintenance team and the officials at a football stadium. Their job is to keep a level playing field and ensure a fair contest in the battle of life. Past that, government has no function. It is emphatically not a taxpayer-funded, mandatory charity for those who choose not to fend for themselves. As my old daddy said so often; "Root hog, or die." Sounds cold, but what else is practical, given human nature?
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