Foster Statement on Financial Regulation Executive Orders
Washington, DC - I am deeply concerned about President Trump’s executive order intended to undermine the financial regulations enacted after the 2008 economic crisis. Reforms like the Dodd-Frank Act allow for effective oversight of Wall Street, protecting against the kind of economic recession that cost millions of jobs for working families. This decision is a dangerous first step towards making our financial system more vulnerable to another collapse.
I am also very troubled by President Trump’s executive order to delay and undermine the rule that would protect the retirement savings of working families. This executive action will hurt the retirement security of working Americans, and I urge President Trump to undo this disastrous policy decision.
President Trump often refers to himself as a champion of working Americans, but decisions like this suggest his top priority is catering to Wall Street executives and the financial companies responsible for the worst economic crisis since the Great Depression.