Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, released a statement following Donald Trump’s implementation of yet another Executive Order (EO), this time rolling back important financial safeguards through a 2-for-1 gimmicky ploy:
Sadly, every day brings another dangerous edict from President Trump and yesterday was no different. Trump unilaterally and arbitrarily signed another EO, prohibiting Federal agencies from proposing any new regulation unless they eliminate two others. 2-for-1 governance is insulting to the American people. Public policies can’t be traded like baseball cards.
Does Trump know how many millions of Americans were able to buy their first home because of government regulations? Does he care that regulations ensure that Americans can safely put money in a bank or credit union or protect seniors from being evicted when their spouse dies? Arbitrarily repealing regulations harms farmers who want to lock in prices for their future harvests, taxes small businesses trying to get off the ground, and prevents 401K managers, who oversee trillions of dollars of everyday American’s hard-earned savings, from making wise investment decisions.
This tyrannical proclamation was made the same day that President Trump declared his plans to “do a big number” on the very reforms passed because of the 2008 financial crisis, which costed millions of people their jobs, retirements and homes. I will not stand idly by and watch Trump and his Wall Street cronies try to rip off Americans again by destroying the very rules that make this country great.