National Consumers League

National Consumers League statement on Trump Administration assault of consumer financial protections


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February 3, 2017

Contact: NCL Communications, Cindy Hoang, cindyh@nclnet.org, (202) 207-2832

Washington, DC—The National Consumers League (NCL) today issued the following statement in response to a directive from the Trump Administration to eliminate essential consumer protections and roll back Wall Street reforms. The following statement can be attributed to NCL's Executive Director Sally Greenberg:

"Efforts by the Trump Administration to roll back regulations established by the Dodd-Frank Wall Street Reform and Consumer Protection Act ignores the hard lessons learned in the wake of the 2008 financial crisis. Without these important rules, millions of hard-working consumers and Main Street businesses will again be put at risk of paying the price of out-of-control Wall Street recklessness and greed. If the Trump Administration moves forward with these deregulatory policies, taxpayers will again be on the hook for billions of dollars in bailouts when the next financial crisis occurs.”

“The Department of Labor’s fiduciary rule is a common-sense consumer protection that requires the professionals who are in charge of consumers’ savings to act in the ‘best interests of their clients,’” said Greenberg. “Without this rule, retirement advisors will be free to ignore conflicts of interest and make decisions that benefit their firms’ bottom lines, not the financial security of millions of Americans.” 

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About the National Consumers League

The National Consumers League, founded in 1899, is America's pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.