Rep. Maloney Statement on Dodd-Frank and Fiduciary Duty Executive Orders
WASHINGTON, DC – Today Congresswoman Carolyn B. Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets, released the below statement in response to President Trump’s executive orders concerning the Dodd-Frank Wall Street Reform and Consumer Protection Act reforms and the Department of Labor’s Fiduciary Duty rule. Maloney served on the Dodd Frank conference committee and strongly supported the law’s passage. She also supported the Department of Labor’s rule to ensure financial advisors act in their client’s best interest.
“It has been less than ten years since the worst financial crisis since the Great Depression nearly destroyed our economy, yet today the President has signed an executive order laying the groundwork to roll back key financial reforms that were passed in the wake of the crisis. More than 15 million jobs have been created since the Dodd Frank Wall Street Reform and Consumer Protection Act was passed into law, consumers now enjoy significantly stronger protections, and our financial system is much more stable. Our economy cannot afford to go backwards and jeopardize this progress, which is why I strongly oppose this executive order.
“I am also very troubled that the President would order the Department of Labor to attempt to delay the fiduciary duty rule, which simply requires advisors to put their clients’ interests first, by ordering the Department to conduct a one-sided cost-benefit analysis to lay the groundwork for repealing this critically important rule.”