Pelosi Statement on Senate Passage of Bill to Roll Back Dodd-Frank Protections

Washington, D.C. – Democratic Leader Nancy Pelosi issued this statement after the Senate passed a harmful anti-consumer bill that rolls back many key safeguards included in the landmark Dodd-Frank legislation:

“Today, the Republican Senate took a giant leap backward towards the freewheeling days of the financial crisis.  Republicans are handing Wall Street a free pass to set aside key consumer protections that protect our financial system from predatory lending and other financial marketplace abuses.  In their haste to help out those who need the government’s help the least, the GOP is recklessly risking another historic meltdown that could wipe out millions of families’ jobs, savings and financial security.

“Republicans also rolled back vital safeguards that prevent lenders from perpetrating redlining and other abuses.  Communities of color who have historically faced discrimination would lose the Dodd-Frank protections that remove barriers to chasing economic opportunity and the American Dream.

“Just months after passing their GOP Tax Scam, Republicans in Congress yet again put Wall Street and the 1 percent first with this special interest bill.  Democrats will continue to fight to give the American people A Better Deal, with Better Jobs, Better Wages and Better Futures, and will fight to strengthen vital consumer protections and hold big banks accountable for fraud and abuse.”

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