Just in case anyone thought that the Democratic Party intends to stand idly by while President-elect Donald Trump and the Republican Party move to undo many of the financial reforms of the last eight years, one of its most outspoken members pledged this week to fight Trump and the Republicans every step of the way.
On Thursday, Trump’s transition team began releasing some of its plans, laying the groundwork for how the Trump administration will fulfill some the promises Trump made on the campaign trail and deliberating about cabinet positions.
One of the main tenets of the Trump team’s plan is the “dismantling” of the Dodd-Frank Wall Street Reform Act, but Sen. Elizabeth Warren, D-Mass., said Thursday that she and the rest of the Democratic Party are prepared to work with the president-elect if he wants to “increase the economic security of middle-class families.
But if that’s not Trump’s plan, Warren warned that the Democrats will fight back.
“I will put aside our differences and I will work with him to accomplish that goal,” Warren said of Trump in a wide-ranging blog post on her website. “I offer to work as hard as I can and to pull as many people as I can into this effort. If Trump is ready to go on rebuilding economic security for millions of Americans, so am I and so are a lot of other people — Democrats and Republicans.”
But Warren doesn’t want to see Trump and his fellow Republicans undo much of the work done by the Dodd-Frank Act and the Consumer Financial Protection Bureau.
“But let’s also be clear about what rebuilding our economy does not mean,” Warren wrote.
“It does not mean handing the keys to our economy over to Wall Street so they can run it for themselves. Americans want to hold the big banks accountable,” Warren wrote.
“That will not happen if we gut Dodd-Frank and fire the cops responsible for watching over those banks, like the Consumer Financial Protection Bureau,” Warren continued. “If Trump and the Republican Party try to turn loose the big banks and financial institutions so they can once again gamble with our economy and bring it all crashing down, then we will fight them every step of the way.”