Beatty Marks Seven-Year Anniversary of Dodd-Frank

Beatty Marks Seven-Year Anniversary of Dodd-Frank

On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), P.L. 111-203. To mark the law's seven-year anniversary, U.S. Congresswoman Joyce Beatty (OH-03) issued the following statement:

"In 2008, our economy was on the brink of collapse. Countless American families saw their entire life savings vanish and many more lost their homes and jobs. In response, Congress passed the landmark Dodd-Frank Act to stabilize the financial marketplace, to protect Americans' wallets and retirement, and to help prevent future economic crises. As we celebrate Dodd-Frank's seventh anniversary and numerous successes today, we must not lose sight of Congressional Republicans' ongoing attempt to repeal the historic law. We cannot go back to a time when Wall Street is allowed to gamble with Americans' hard-earned savings and engage in the same type of risky and speculative behavior that led to the 2008 Financial Crisis. We also should not weaken the Consumer Financial Protection Bureau—the federal entity created under Dodd-Frank that has returned nearly $12 billion to almost 30 million Americans."