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July 19, 2016

Don’t Be Fooled By Donald Trump’s Bait-and-Switch Platform: He’s Deregulating Wall Street While Pretending to Be a Reformer

FOR IMMEDIATE RELEASE
Tuesday, July 19, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following the release and approval of the 2016 Republican Party Platform:

“Donald Trump’s move from the Apprentice to Extreme Makeover now includes fraudulently posing as an anti-Wall Street financial reformer.  The American people shouldn’t be fooled.  Donald Trump is no Bernie Sanders or Elizabeth Warren.

“The Platform is nothing more than a bait-and-switch political stunt carefully crafted to deceive the American people.  The claim to restore the Glass Steagall law is the bait, but the de-regulation of Wall Street by gutting the Dodd Frank law is the switch that will lead to another financial crash and cost tens of millions of American families their jobs, homes and savings.

“It is just a ploy to try to make people think that there’s a simple, magic solution to the threat posed by Wall Street’s too-big-to-fail banks and nonbanks.  We wish there was, but no one law or rule will protect Main Street from Wall Street’s complex global banking giants.  They simply must be comprehensively regulated or they will do again to America what they did in 2008: cause an historic financial crash, receive massive bailouts and destroy America’s economy.

“A Glass Steagall law will only impact a few banks while gutting the broad Dodd-Frank law will deregulate many of the most dangerous too-big-to-fail financial titans.  This would be huge mistake, like getting rid of seat belts, air bags and bumpers on a car and replacing them with a prayer book.  It’s not either/or; it’s both:  fully enact Dodd-Frank and impose Glass Steagall.  Comprehensive regulation of the uniquely dangerous threat posed by Wall Street’s too-big-to-fail banks and nonbanks is the only way to genuinely protect the American people.”   

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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