Friday, February 3, 2017
Today Donald Trump signed an executive order targeting the Dodd Frank Act and other financial reforms put in place to prevent another financial crisis.
Brandon Wu, Senior Policy Analyst at ActionAid USA, said:
“At his inauguration Donald Trump promised a government for the people, but today’s announcements will only make life easier for Wall Street execs and the richest of the rich. Trump is trying to roll back legislation designed to prevent another financial crisis, giving bankers free rein to once again put profit before people.
“Inadequate financial regulations caused the 2008 financial crisis, and eight years later, many families across the U.S. are still struggling to bounce back. Dismantling Dodd Frank, the Consumer Financial Protection Bureau, and other rules will only make the rich richer, while everyday Americans fall further and further behind. Lifting these financial reforms also makes it easier for U.S. companies to invest in shady schemes overseas like land grabs that force local farmers off their land and further into poverty.
“Trump’s first 2 weeks at the White House have been a resounding failure. He’s shown a clear contempt for open democracy, and launched attacks against the environment and our country’s most vulnerable and marginalized communities. His latest move spells disaster for working people, as he makes yet more deals with the people whose out-of-control actions got us into trouble in the first place.”
Notes to editors:
ActionAid is an international organization, working with over 15 million people in 45 countries for a world free from poverty and injustice. We tackle inequality around the world by supporting local people to understand and claim their rights. We address excessive corporate power and influence, and are committed to achieving a fairer and more sustainable world.