After President Trump had signed two executive orders that weakened protections for consumers that are in place to help prevent another financial crisis, Senate Democrats vowed to put up a firewall and block any Trump repeal of Wall Street reforms in Congress.
Senate Democratic Leader Sen. Chuck Schumer (D-NY) said in a statement:
President Trump promised to stand up to the big banks, now he’s letting them write the rules of the road. He promised to stand up for the forgotten man and woman, now he’s leaving them out to dry. If there was any doubt that President Trump had absolutely no intention to follow through on his campaign promises to working families across the country, this executive order should erase that doubt. It seems President Trump’s campaign promises to rein in Wall Street weren’t worth the bank notes they were printed on.
Since its passage, Wall Street reform has protected crises and protected consumers, all while the stock market flourished and rose to unprecedented heights. Wall Street reform worked, plain and simple. The President’s attempts to repeal Wall Street reform will be met with a Democratic firewall in Congress. We will do everything in our power not let it be repealed, no ifs ands or buts.
Sen. Elizabeth Warren (D-MA) tweeted:
And @realDonaldTrump issued an order that puts 2 @GoldmanSachs execs in charge of gutting the rules that protect you from financial fraud.
— Elizabeth Warren (@SenWarren) February 3, 2017
The Wall St bankers may be popping champagne, but Americans haven’t forgotten the 2008 financial crisis – and they won’t forget today.
— Elizabeth Warren (@SenWarren) February 3, 2017
Sen. Bob Casey (D-PA) noted that Trump’s Executive Orders will harm seniors, “Rolling back rules for the same Wall Street banks whose reckless behavior crashed the economy and cost millions of middle class families in Pennsylvania and across the nation their jobs and life’s savings during the Great Recession is wrong and dangerous. By delaying a requirement that workers and savers receive investment advice that is in their best interest, this executive order will also adversely impact seniors who will now have less protections when seeking investment advice.”
President Trump just picked a fight with Democrats that he has zero chance of winning. Trump’s Executive Orders are bad, but Democrats are not going to let him and his Republican Congressional cronies repeal Wall Street reform.
