Republican Scott Brown Continued To Water Down Wall Street Reform After Bill Passed

Boston Globe reports today on Brown's backdoor lobbying to weaken rules

"Scott Brown is trying to make it easier for the big banks to keep hammering consumers when we ought to be figuring out how to take away the hammer and protect consumers."
– Elizabeth Warren

SOMERVILLE, MA - A new report in the Boston Globe today outlines Republican Scott Brown's backdoor lobbying to weaken implementation of the Dodd-Frank financial reform bill, legislation Brown held hostage before passage until he gained special protection for Wall Street and the big banks.

While Brown boasts in his latest television ad of voting for the legislation, The Globe makes clear today that Brown continued working after the bill passed to weaken needed reforms.

Consumer advocate Elizabeth Warren, who led the fight to create the Consumer Financial Protection Bureau to protect consumers and taxpayers, issued the following statement on today's story:

"Scott Brown is trying to make it easier for the big banks to keep hammering consumers when we ought to be figuring out how to take away the hammer and protect consumers," said Warren. "Scott Brown is part of the guerrilla war that's undermining financial reform and weakening critical protections for consumers. We ought to be holding these big banks accountable, not letting them off the hook."

"First he used his vote to water down the rules and save big banks $19 billion. Then, after the bill passed, Scott Brown went behind the scenes to shield the banks from the provisions of this critical law. Now, he's boasting in his television ad about getting the bill passed," said Warren. "The facts and the record are clear. He is on the side of Wall Street and the big banks, not the middle class families of Massachusetts."

According to The Boston Globe, Brown staffers were in repeated contact with the Department of Treasury. Records show that Brown's Legislative Director urged the Department to weaken Dodd-Frank – and particularly the Volcker Rule – in a number of ways. The Volcker Rule was recently in the news following a loss of $3 billion or more posted by traders at J.P. Morgan and deepening concern that the Volcker Rule is too weak to rein in the biggest Wall Street banks.