Maloney Marks 11th Anniversary of Dodd-Frank
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), member of the Dodd-Frank conference committee and senior member of the House Financial Services Committee, today marked the eleventh anniversary of President Obama signing the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act into law.
“More than a decade after President Obama signed Dodd-Frank into law, the evidence remains clear: this landmark financial reform is working. Thanks to these reforms, our financial system is now safer, the Consumer Financial Protection Bureau (CFPB) has returned more than $12 billion to 31 million consumers, and our markets are fairer, more transparent, and more robust. However, there is still work to be done.
“The actions taken by the Trump Administration have highlighted the need to ensure a strong, consumer-focused CFPB. Financial institutions’ actions during the pandemic have made even more clear the need to pass my Overdraft Protection Act to crack down on predatory overdraft fees and practices.
“I’m proud of the significant impact that Dodd-Frank has made on our financial system and look forward to working with my colleagues to build on this progress.”