Senator Elizabeth Warren Slams Trump’s Attempt To Weaken Dodd-Frank Financial Regulations
Massachusetts Senator Elizabeth Warren on Friday slammed Donald Trump for two executive orders that he signed Friday in an attempt to weaken the Dodd-Frank financial regulations.
Trump is specifically going after one Obama-era rule that is meant to protect Americans’ retirement money, the so-called fiduciary rule. Essentially, the fiduciary rule requires that financial advisors act in your best interest when they are offering you products and services rather than just selling you the funds that will get them the highest commission. Seems basic enough right? Well Trump and the Republicans want to do away with that.
Senator Warren has been a strong proponent of the fiduciary rule and she railed at Trump on Friday saying in a statement:
“Donald Trump talked a big game about Wall Street during his campaign — but as president, we’re finding out whose side he’s really on.
“Today, after literally standing alongside big bank and hedge fund CEOs, he announced two new orders — one that will make it easier for investment advisers to cheat you out of your retirement savings, and another that will put two former Goldman Sachs executives in charge of gutting the rules that protect you from financial fraud and another economic meltdown.
“The Wall Street bankers and lobbyists whose greed and recklessness nearly destroyed this country may be toasting each other with champagne, but the American people have not forgotten the 2008 financial crisis — and they will not forget what happened today.”
