Today, in commemoration of the 10th anniversary of the 2008 financial crisis, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement:
“The 2008 financial crisis was the worst financial disaster since the Great Depression, inflicting widespread, devastating costs on millions of American families,” said Ranking Member Waters. “All told, more than $13 trillion of household wealth vanished, 11 million individuals were displaced from their homes, and nine million Americans lost their jobs.
In response, Democrats worked tirelessly to pass the Dodd–Frank Wall Street Reform and Consumer Protection Act, which established the Consumer Financial Protection Bureau, an independent watchdog agency to protect American consumers and also reformed mortgage lending by eliminating hidden fees and abusive practices that led to the financial crisis.
Ten years later, Dodd-Frank has not only made our nation’s economy stronger, but has also given Americans confidence in a system that is safer, more accountable, and more transparent. As Ranking Member of the Financial Services Committee, I remain committed to fighting to protect American consumers from bad actors in our financial system, and ensuring that the Consumer Bureau and other important Dodd-Frank protections are not eliminated or weakened.”