February 14, 2017

Brown Statement on Plan to Gut Wall Street Reform

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) – ranking member of the Senate Banking, Housing, and Urban Affairs Committee – today issued the following statement regarding House Financial Services Chairman Jeb Hensarling’s (R-TX) proposal to undo the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“It took less than three weeks for House Republicans to show their hand on how they will renege on candidate Trump’s campaign promises to hold Wall Street accountable and help working Americans.  For good reason, 71 percent of Americans approve of the Consumer Financial Protection Bureau’s mission.  The Hensarling proposal would transform the bureau from an effective watchdog into a toy poodle – nice enough if that’s your taste, but not very useful. They have taken a bad bill and made it even worse.”

Polling shows the vast majority of Americans agree that the CFPB is doing great work. Seventy-one percent of Americans – Republicans and Democrats – support the CFPB’s mission, and 55 percent of people who voted for President Trump believe that the CFPB should be left alone to continue its work or even be given expanded authority to do more to protect American families.