JOHNSON RESPONDS TO RYAN’S ATTACKS ON WALL STREET REFORM

WASHINGTON, D.C. – Banking Committee Chairman Tim Johnson issued the following statement in response to House Budget Committee Chairman Paul Ryan’s (R-WI) erroneous claims regarding the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

“Let’s be clear, the House Republicans’ attacks on the Wall Street Reform law have nothing to do with cutting the budget – CBO predicted that the law would reduce deficits by $3.2 billion over ten years – and everything to do with gutting consumer and investor protections and letting Wall Street run wild all over again. 

 

“The Wall Street Reform and Consumer Protection Act puts responsible rules in place so that our financial system works for the benefit of all Americans and we don’t go back to the days of too big to fail banks, backroom derivatives deals, risky subprime mortgages, and the threat of economic collapse.”

 

“Repealing those protections is the height of irresponsibility and only proves that House Republicans are more interested in scoring political points than restoring the millions of jobs, millions of homes and trillions of dollars in wealth lost in the financial crisis.”

 

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