General Treasurer Seth Magaziner today sent Treasury Secretary-designate Steven Mnuchin a letter regarding the critical need to maintain protections established in the wake of the 2007-2008 global financial crisis and subsequent Great Recession.
"Rhode Islanders cannot afford another financial crisis. We will not accept a return to policies that permitted irresponsible behavior on Wall Street and hurt millions of families across our country," wrote Treasurer Magaziner.
Following the announcement that Mr. Mnuchin is to be President-elect Trump's nominee for Treasury Secretary, the former Goldman Sachs banker echoed Trump campaign promises to strike provisions of the 2010 Dodd-Frank Act, which was adopted to protect consumers and taxpayers from another global financial collapse.
"Common sense financial regulation has been good for our country and our state," continued Magaziner. "Since the passage of Dodd-Frank, the value of the S&P 500 has more than doubled. Rhode Island has recovered more than 30,000 jobs, and our Retirement System has earned nearly $3 billion of investment gains."
Provisions of Dodd-Frank include the establishment of the Consumer Financial Protection Bureau, gives shareholding investors a vote on corporate compensation packages, and restricts banks from making risky bets with customer's deposits. Since its passage, banks have routinely lobbied for the repeal of Dodd-Frank, while the US economy has seen its longest period of economic growth in decades.
Read Treasurer Magaziner's letter to Treasury Secretary-designate Mnuchin here:
Contact: Evan England, Director of Communications - Office of the General Treasurer (401) 439-2199 (mobile) firstname.lastname@example.org