Pelosi Statement on 11th Anniversary of Wall Street Reform

July 21, 2021
Press Release

Washington, D.C. – Speaker Nancy Pelosi released the following statement to mark the 11th anniversary of President Barack Obama’s signing of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010:

“For more than a decade, the Democratic-passed Dodd-Frank Wall Street Reform and Consumer Protection Act has stood as a pillar of Democrats’ leadership to protect families’ financial security.  After reckless actions by predatory lenders and Wall Street speculators ignited the Great Recession and erased the jobs and life savings of millions of families, veterans, students and seniors, Democrats delivered an historic transformation of our financial system.  From defending consumers against unfair, deceptive and abusive predatory lending practices to holding irresponsible actors accountable, Dodd-Frank’s strong consumer protections ushered in a new era of financial security for American families and safeguarded our economy against future financial meltdown.

“Today also marks the anniversary of the birth of the Consumer Financial Protection Bureau: a fierce, independent watchdog curbing dangerous anti-consumer practices and standing up for hard-working Americans.  Over the last ten years, the CFPB has returned more than $12 billion to more than 31 million defrauded consumers.  Now the Biden-Harris Administration is once again elevating the Bureau’s original consumer protection mission and empowering it to serve as a powerful force For The People.

“Despite Dodd-Frank’s remarkable success, Republicans have continued their all-out assault on families’ financial security, while promoting the same failed policies tilted toward Wall Street and the wealthy.  Democrats remain committed to fighting back on behalf of consumers and families: just yesterday the House passed the Consumer Protection and Recovery Act to restore the authority of the Federal Trade Commission to recover stolen dollars for victims of scams and frauds through the courts.  As we work to Build Back Better, we must protect and advance the financial security of every American so that we may build a brighter future with equity and opportunity for all.”