Political Quotes

“when we passed the Wall Street Reform and Consumer Protection Act, we did so in response to a financial crisis that shook the foundations of our economy and devastated so many of our hard-working constituents. For example, the Dow Jones dropped from an average of 13,677.89 in July of 2007 to an average of 7,235.47 in March of 2009, resulting in a 47.1 percent loss. Nationally, the unemployment rate increased from 5 percent in January 2008 to 10 percent in October 2009, and in Rhode Island, the unemployment rate was even higher, increasing from 6.2 percent in January 2008 to 11.9 percent in December 2009. In short, we had to do something to respond and avoid another financial crisis because behind each of these harrowing numbers were our constituents and their families, who saw their life savings, their jobs, and their homes evaporate in a flash. That something was the Wall Street Reform and Consumer Protection Act, also known as the Dodd-Frank Act. I am proud to have drafted and supported several of its provisions, such as the creation of a consumer watchdog--the Consumer Financial Protection Bureau, the CFPB--whose primary focus has been on protecting consumers from unscrupulous financial activities; my bipartisan language calling for a dedicated Office of Servicemember Affairs at the CFPB, which helps ensure that our servicemembers and their families are protected in the consumer finance space in the same way these service men and women protect us.…”