DeLauro Celebrates Fifth Anniversary of Wall Street Reform Law

WASHINGTON, DC—Congresswoman Rosa DeLauro (D-CT) today celebrated the five year anniversary of the Wall Street Reform and Consumer Protection Act, commonly known as Dodd-Frank. The Wall Street Reform Act was enacted in response to the 2008 financial crisis, where years of lax enforcement and zero accountability for Wall Street brought our nation to the brink of another Great Depression.

“This law is about common sense: restoring power to the consumers and ensuring that Wall Street’s reckless behavior, which cost eight million American jobs and $17 trillion in retirement savings and net worth, will never happen again. Standing up for American families who have lost their jobs, their homes, and their life savings and reforming our financial system in the wake of this recession was critical.

“This law has helped create the accountability and transparency needed to protect Main Street Americans from Wall Street’s worst actors. In the five years since Wall Street Reform was enacted, the stability in our economy has led to significant economic growth, with the creation of over 12 million private sector jobs and a dramatic decrease in our unemployment rate. There is still more work to be done, and I will continue to work to strengthen this law and fight the repeated attempts to weaken it.”

Key accomplishments of Wall Street Reform include:
• Creation of the Consumer Financial Protection Bureau
• Identifying and addressing risks to our financial system
• Preventing future bailouts by requiring Wall Street firms take steps that ensure a failing financial institution never again threatens the financial stability of the U.S.
• Providing new authority to the Securities and Exchange Commission
• The ability for shareholders of U.S. corporations to have “say-on-pay”


###