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Friday, February 10, 2017
Banking Co-Chair Slams Trump Orders For Rolling Back Financial Safeguards
The first action was an executive order attempting to roll back regulations on Wall Street and major banks enacted after the 2008 financial crisis. The second was a memorandum directing the Department of Labor to delay and reexamine the Fiduciary Duty Rule, requiring that brokers and investment advisors act in the best interest of their clients.
“The President is rolling the dice with the soundness of our economy and threatening the retirement security of hundreds of thousands of Connecticut residents.
“This is not complicated. If you're paying for financial advice you should get actual advice -- and not be hoodwinked by someone paid to pitch you a product. Community banks and credit unions need regulatory relief, so President Trump shouldn’t rewrite the rules to favor those too big to fail. We know how this story ends. When we eliminate consumer protections and basic regulation, it is working families who always wind up picking up the tab.
“Mr. Trump campaigned on taking on Wall Street. He needs to remember his promises and rethink his actions.