A Quote by Elizabeth Warren
What do the Republicans say? Donald Trump? They say they're just going to roll back the Dodd-Frank regulations. They want to undermine the Consumer Financial Protection Bureau.
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Otherwise, their only engagement I'm going to have with [Donald Trump] is fighting back against their attempts to undo Dodd-Frank, their attempts to destroy the Consumer Financial Protection Bureau and all of those things.
I have and will continue to oppose any legislation that would undermine the important consumer protections provided under Dodd-Frank.
Created by Congress as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB was a direct response to the financial crisis and ensuing Great Recession that began with the subprime mortgage debacle and the unraveling of Lehman Brothers investment bank.
There's a lot of talk coming from Citigroup about how Dodd-Frank isn't perfect. Let me say this to anyone who is listening at Citi: I agree with you. Dodd-Frank isn't perfect. It should have broken you into pieces.
The number one problem with Dodd-Frank is it's way too complicated, and it cuts back lending, so we want to strip back parts of Dodd-Frank that prevent banks from lending, and that will be the number one priority on the regulatory side.
If President Barack Obama had not been in the White House, we would not have the Consumer Financial Protection Bureau today.
I know the drill. [Republicans] say Donald Trump is not a Republican. They say he's a Trojan horse or he's unacceptable or he's uncouth or whatever they say.
Say good-bye to Dodd-Frank and all of the financial reforms and efforts to try to rein in Wall Street. Just say good-bye to it. That means we can go where Wall Street gets to call the shots again. We saw how that worked out in 2008.
If anything, one would think we learn from Brexit is we need a strong, stable banking system, not one to repeal the consumer bureau and repeal Dodd-Frank and give Wall Street what it wants. That would be the worst kind of response.
Back when Donald Trump was just starting in the primaries, and I was asked, 'What do you think of Trump?' I would say, 'Donald Trump is a great example of someone in our country being able to truly do anything. You can dream, you can do it. And that's a great example of that. But when the primaries are over, Donald Trump will be gone.'
I hate to say, I kind of hope so, in the sense that, yes, Donald Trump will be terrible, but I want the Republicans just to remain divided. It's not good for the country, but I think in the end I want people to realize what a terrible guy this is, and I'm afraid that that's not going to happen if somehow he resigns or somehow gets impeached and we have Pence instead.
Some of my colleagues are unwilling to vote for any Dodd-Frank reforms, partly out of the political fear that any reforms will be seen as reducing regulations on the financial sector.
I called for a consumer protection financial bureau before it was created. And I think the best evidence that the Wall Street people at least know where I stand and where I have always stood is because they are trying to beat me in this primary.
Wall Street's biggest fight with Obama was over the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Obama signed into law in the summer of 2010.
I frankly think we in the financial service world believe we need appropriate kinds of regulations. No question about that. But when something like Dodd-Frank has been created, sort of in the mystery of night, it is a huge document. It's vast. It weighs about 10 pounds when I carry it around.
Donald Trump is a president in crisis. His governing agenda is going nowhere, his credibility shattered with many, his public approval is mired in the thirties and low forties, and an escalating Russia crisis is threatening to undermine the president's ability to persuade even Republicans that he can bounce back.
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