At the end of 2008, our country faced a financial crisis like we hadn’t seen since the Great Depression. As a member of the House Financial Services Committee, I worked diligently to secure passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Our country cannot afford another financial crash, and while not perfect, I’m proud to have worked on this historic legislation.
For years Wall Street and many large investment institutions were not held accountable for their actions. This brought our country to its worst financial downturn since the Great Depression. The passage of the Dodd-Frank reform bill restores accountability and responsibility to American taxpayers and consumers.
One of the greatest achievements of Dodd-Frank was the establishment of the Consumer Financial Protection Bureau (CFPB), an independent agency that is focused exclusively on protecting consumers from bad actors in the financial services sector. The Trump administration has threatened to dismantle this agency which I oppose and will continue to fight against.