Washington, DC – U.S. Senator Catherine Cortez Masto (D-Nev.), member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement on President Donald Trump’s actions to weaken reforms made in the 2010 Dodd-Frank law that hold financial institutions accountable and increase protections for consumers. This statement follows Senator Cortez Masto’s op-ed in the Reno Gazette-Journal today highlighting the serious risk posed to American families by confirming Trump’s nominee Steven Mnuchin to be U.S. Treasury Secretary.
“President Trump’s actions today reiterate what we’ve known all along: regardless of what he says or tweets, Trump’s only concern is his own bank account not those of hardworking American families. Commonsense reforms were put in place to hold accountable those responsible for the worst financial crisis this country has seen since the Great Depression. Trump proved today that he wants to make it easier – not harder – for another crisis to occur.
“Nevada was ground zero for the housing crisis and people are still recovering. We should be doing everything possible to help American families – and that means ensuring financial institutions are acting in their best interest. Trump has re-opened the door for actions that seriously threaten the economic and financial security of hardworking Americans.”