Massachusetts Senator Elizabeth Warren is attacking two executive orders President Donald Trump is expected to sign shortly.
The two orders are expected to roll back post-crisis Wall Street reform (“Dodd-Frank”) and an Obama-era rule meant to protect Americans’ retirement money, the so-called fiduciary rule.
Warren has long railed in support of the fiduciary rule, which would set in place, universally and for the first time, a requirement for financial advisers’ to act in their client’s best interests when overseeing retirement money. You can read more about the intricacies of the rule here.
Congress passed Dodd-Frank in the wake of the 2008-09 financial crisis in sweeping reforms that changed how banks could do business.
Here’s the full statement from Warren:
“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 advisors 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.”