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June 8, 2017

STATEMENT BY FINANCIAL SERVICES SUPERINTENDENT MARIA T. VULLO
ON HOUSE REPUBLICANS’ PASSAGE OF BILL
DISMANTLING THE WALL STREET REFORM AND CONSUMER PROTECTION ACT

I strongly condemn the reckless action by House Republicans to dismantle the Wall Street Reform and Consumer Protection Act of 2010, also known as the Dodd-Frank Act.

Over its 16 titles, the Act not only responds to the legal and regulatory shortcomings in the financial system that had become evident during the financial crisis, it set the stage for the safe, sound recovery that has followed.  The Act instituted necessary improvements in the oversight of the nation’s banking system, provided tools to end “too-big-to-fail,” enacted important reforms to the mortgage industry and created a single Federal agency for consumer protection to champion the interests of everyday Americans, without preempting the States' important role in consumer protection.  This landmark legislation has laid the groundwork for the recovery that has followed.

At a point in time when economic growth has returned, unemployment is low, interest rates are rising, the housing market has recovered, and consumer confidence has returned, New York will continue to protect its financial industry and consumers in equal measure.

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