FOR IMMEDIATE RELEASE
July 21, 2017
Contact: Sam Quigley
WE MUST PRESERVE DODD-FRANK
“We should not be rolling Wall Street back to 2007″
Washington, DC – This morning, on the seventh anniversary of the groundbreaking Dodd-Frank Act, the Chair of the Patriotic Millionaires Morris Pearl released the following statement.
“Today, seven years after the passage of Dodd-Frank, it’s vital that we as a country appreciate just how important the reforms contained in the bill still are today. In the midst of the Great Recession, caused by an unchecked and reckless financial sector, we as a country decided we never wanted to let bankers risk taxpayer funds again, but lawmakers’ memories are proving to be short. Taxpayers should not be on the hook for billions of dollars of bailouts when banks gamble and lose, and consumers should be protected from irresponsible decision-making by financial firms. The Dodd-Frank Act was put in place to prevent another financial crisis from happening again, but for some reason Congressional Republicans want to repeal many of its crucial protections. This is short-sighted and dangerous – we should not be rolling Wall Street back to 2007. The Financial CHOICE Act, which was passed by the House and eliminates or weakens many of Dodd-Frank’s provisions, is a mistake, and one that cannot become law if we wish to protect taxpayer funds from being at risk again,” said Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, Inc.
About the Patriotic Millionaires
The Patriotic Millionaires is a group of 200 high-net-worth Americans who are committed to building a more prosperous, stable, and inclusive nation. The group focuses on promoting public policy solutions that encourage political equality; guarantee a sustaining wage for working Americans; and ensure that millionaires, billionaires, and corporations pay a greater percentage of taxes. You can find out more at https://patrioticmillionaires.org/about/
The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at https://patrioticmillionaires.org/media
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