February 14, 2017

Warren Questions White House, Labor, Financial Services Roundtable on Report that Wall Street Lobbyist Reviewed Drafts of Trump Executive Orders and Memorandums

Washington, DC - United States Senator Elizabeth Warren (D-Mass.) today sent letters to the White House, Department of Labor (DOL) and Financial Services Roundtable (FSR) to ask about the role that banking industry lobbyists played in the development and drafting of President Trump's recent executive orders (EO) and memorandums on financial regulation, including his directive for DOL to halt implementation of the fiduciary rule, which requires that financial advisers provide retirement advice that is in their clients' best interest.

"As a presidential candidate, President Trump promised to oppose policies that 'have been so good for Wall Street investors... but unfair to American workers.' He recently betrayed that promise," wrote Senator Warren. "...it is troubling that the President would halt a common-sense rule designed to protect middle-class investors. But I am even more concerned that the President may have signed a presidential memorandum that was heavily influenced by industry lobbyists."

Senator Warren pointed to recent reporting by National Public Radio that a registered lobbyist for FSR, which is "the leading advocacy organization for America's financial services industry," had "reviewed ... drafts and made recommendations" during the development of the memorandum. "The White House should design its economic policies with the needs of average Americans in mind, and should not be inviting Wall Street lobbyists to write the nation's banking rules," wrote Senator Warren.

In the letters, Senator Warren requested that the White House, DOL and FSR provide specific details regarding FSR Executive Vice President Francis Creighton's communication with DOL and the White House, including the precise nature of his participation, any recommendations he provided to DOL or the White House, and how they were manifested in the final orders from the White House. She also asked whether "any other official registered as a lobbyist for the financial industry" worked with the White House or DOL on drafting the memorandum.

PDFs of the letters are available here: