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Booker Statement on Trump Actions to Roll Back Wall Street Regulation, Delay Retirement Savings Protections

Booker and Sen. Elizabeth Warren led years-long charge in US Senate for conflict of interest standard for retirement advisers

February 3, 2017
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Washington, DC - U.S. Sen. Cory Booker (D-NJ) issued the following statement on President Trump's actions to delay the Department of Labor's conflict of interest rules for retirement advisers and roll back Dodd-Frank Wall Street reform:

"President Trump's actions will pad the profits of big banks at the expense of working families. This is an affront to the American people.

"Let's be clear - the conflict of interest rule I fought for helps protect middle class retirement savings by making sure that financial advisors prioritize their clients' interests over their own. Gutting rules that protect Americans' retirement savings from bad investment advice and hidden fees will hurt families planning for a secure future.

"Rolling back the Wall Street regulations protecting us from another Great Recession and letting big banks run wild does nothing to create jobs or expand economic opportunity for everyday Americans.

"President Trump campaigned on promises to working families, but he's breaking those promises again today by putting big corporations before people."

Sen. Booker championed the conflict-of-interest rules for financial advisers President Trump is acting to revoke. In 2015, Booker joined Labor Secretary Tom Perez and Sen. Elizabeth Warren to announce the new rules.

Sen. Booker has been an outspoken critic of rolling back the Wall Street regulations enacted in the Dodd-Frank financial reform law.