Banking Co-Chair Slams Trump Orders For Rolling Back Financial Safeguards

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In a statement released today, Rep. Matthew Lesser (D-Middletown), the House chair of the legislature's Banking Committee, strongly criticized two actions President Trump took Friday that reversed financial safeguards implemented after the Great Recession.

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.

“President Trump’s actions are reckless in the extreme. They may be good for his own pocketbook and his friends’ but they are terrible for community banks and private investors across Connecticut.

“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.

“In the meantime, Connecticut's Banking Committee will consider strong measures designed to protect Connecticut consumers. We will be rolling them out in the next few weeks.”