Senate Minority Leader Chuck Schumer pledged Friday to put up a “Democratic firewall” to block President Trump’s “attempts to repeal Wall Street reform.”
The New York Democrat issued a statement Friday criticizing Trump’s executive order to delay an Obama-era Department of Labor rule reshaping retirement investment advice.
“Since its passage, Wall Street reform has protected crises and protected consumers, all while the stock market flourished and rose to unprecedented heights,” Schumer said. “Wall Street reform worked, plain and simple. The President’s attempts to repeal Wall Street reform will be met with a Democratic firewall in Congress. We will do everything in our power not let it be repealed, no ifs ands or buts.”
Democrats are in the minority and have little power to block Trump’s executive order, at least legislatively.
Schumer and other Democrats have warned against efforts by Trump to undo banking reforms imposed under the Dodd-Frank Act signed by President Obama in 2010 in the wake of a recession caused by the 2008 financial crisis.
