Hoyer Statement on the One Year Anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act

For Immediate Release:

July 21, 2011

Contact:

Katie Grant, 202-225-3130

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today on the one year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act:

“One year ago today, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. This legislation was a much-needed response to the financial crisis that cost millions of Americans their jobs—a crisis whose effects we are still feeling. It is evident that the Bush Administration’s failure to conduct proper oversight of our financial industry did severe damage to the jobs, savings, and futures of families across our country. In response, Dodd-Frank took important steps to put the financial referees back on the field.

“Today, Dodd-Frank protects consumers from abusive and misleading lending practices and controls reckless gambling on Wall Street. Above all, it is a vital insurance plan against the recurrence of another job-destroying financial crisis. It is deeply troubling that Republicans—having failed in their attempts to block the passage of Dodd-Frank—are now doing all they can to dismantle its protections for ordinary Americans. Undoing Wall Street reform, and exposing all of us to the possibility of another economic meltdown, is a clear instance of putting special interests above the interests of the American people. Democrats will continue to oppose those risky and harmful efforts.”

###