Hoyer Statement on House Republican Proposal to Roll Back Essential Wall Street Reforms

“House Financial Services Chairman Hensarling’s proposal to roll back central provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act would be both reckless and dangerous.  If the 2008 financial crisis taught us anything, it is that financial regulators charged with protecting taxpayers and minimizing systemic risks to our economy failed to do their jobs appropriately.  They also lacked the resources to understand and deal with complex new financial instruments properly.  The result was that millions of Americans lost their homes, their savings, or their jobs.

“The Dodd-Frank reforms, which I was proud to help steer through the House of Representatives as Majority Leader, was a comprehensive response to the causes of 2008 crisis.  Eight years later, U.S. banks are better capitalized, home mortgages are safer, and financial markets are more transparent than they have ever been.  Weakening or dismantling this landmark legislation would be tantamount to returning the world’s strongest economy to the reckless era that culminated in the 2008 financial crisis.”