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Perlmutter Defends Dodd-Frank, Fights Against Efforts to Roll Back Consumer Protections
Washington, D.C. – This week, U.S. Rep. Ed Perlmutter (CO-07) helped lead the fight against Republican efforts to roll back consumer and investor protections in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The Republican legislation, the Financial CHOICE Act of 2017 (H.R. 10), undermines and outright repeals critical safeguards in Dodd-Frank, unleashing the same behavior on Wall Street that led to the 2008 financial crisis.
Perlmutter was instrumental in passing Dodd-Frank in 2010, which has helped hold Wall Street and big banks more accountable and protect our country from another financial crisis. In addition, the historic legislation established the Consumer Financial Protection Bureau (CFPB) – the only federal agency with the sole mission of protecting consumers in the financial marketplace.
During opening remarks of the hearing, Perlmutter spoke up to remind his colleagues about the financial calamity our nation was facing in 2008.
“My Republican colleagues’ memory of history is unbelievable. At one point, we were losing 800,000 jobs a month. We put Dodd-Frank in place to bring some discipline to the financial markets and since then, on average, we’ve been gaining 200,000 jobs a month and we continue to see sizable gains in the stock market. There are times you have to have discipline to protect people. Repealing Dodd-Frank will bring back a wild west approach to financial regulation and we cannot go back to those days.”
In addition, Perlmutter introduced an amendment that would halt the implementation of the Republican Dodd-Frank repeal bill until regulators report whether and how the rule being adopted, amended or repealed would directly benefit any creditor listed in Trump’s previous seven years of tax returns. President Trump continues to refuse to release his tax returns making it impossible for Congress or the American people to know how these new proposed banking regulations may personally benefit the President.
“The only way to fully understand President Trump’s conflicts of interest is if he releases his tax returns. The American people deserve to know if the President is operating in their best interests,” said Perlmutter. “And until we see his tax returns and know the different business interests that President Trump has, we won’t know if the executive branch is operating in the best interests of all Americans.
President Trump is the first major presidential nominee in 40 years not to release his tax returns and refuses to saying that he would share the tax documents only after the Internal Revenue Service completes an "audit" of them. Yet, he's never disclosed proof of an audit and tax lawyers say there's nothing preventing him from releasing his returns if he's under one. In fact, Trump’s lawyers explain that they have advised Trump to not release his returns citing his ownership in over 500 companies in two dozen countries around the world. Serious questions remain whether President Trump maintains foreign bank accounts, whether he paid taxes to foreign governments, and whether he’s violating the Emoluments Clause of the Constitution.
Perlmutter reminds colleagues why Dodd-Frank was necessary and the importance of bringing discipline back to the banking sector.
Perlmutter speaks about the Republican’s Financial Choice Act and how it takes away rights from working families.
Perlmutter introduces amendment to require President Trump to release seven years of tax returns to ensure he’s operating in the best interest of Americans