tv Sen. Elizabeth Warren on the Trump Administration Federal Deregulation CSPAN June 5, 2018 9:11pm-9:43pm EDT
agency is under attack now. the trump administration and a determined to rig the game in their favor. to boost their own profits. t corporations and their allies are working overtime. happening, why savored the profits of wall street banks over the economic security of american families? the answer is sim corruption. giant corporations and wealthy individuals are working in the shadows. to make sure the government works for them, enough of the people.
corpns a people often complain that regulation is bad for the economy. they go on and on about how regulation makes it harder for business to succeed. that is a greasy and bloated bolo sandwhabeen left out in the sun so long it has started to sink. freedom,k about real freedom from being cheated by those who care about pumping up their own profits, and do not care about you. regulations are about setting the rules of the road, plain and simple. clearight, strong and of every american.m how free would you be if companies were allowed to lie to you about their businesses, in order to trick you into investing your life savings in their stock. how free would you be, if nobody had to wash their hands before
they handled your hamburger? how free would you be if companies to pass off little white pills as antibiotics, even if they weren't. don't tell me that all rules do is restrict freedom. tod rules empower people live, work, and do business freely and safely. regulations have three basic functions, first, they provide the basic framework that allows commerce to flourish, to ensure that we get what we have been promised. th gof gas really cap. , that pills labels and antibiotics really are antibiotics, and aren't contaminated. we get what we are promised.
regulations -- out of our pockets. what kes it illegal to steal your personal main street or your pension on the austrian. t,io level the playing field for everyone competing for our business. , goode of regulation companies that do right by their customers don't have to compete against cheaters. competition should not be about who canide the nastiest and most profitable trip somewhere in the fine print. it should be about who offers the choices that consumers like best. , it'ss good for customers good for upstart competitors who think they have a better product to offer. so let me say this out right. well-designed regulations allow for more freedom, and more
safety. more freedom and more opportunity for smallus and startups. and more freedom and security for workers who are building a future for their family and more freedom for every business that is willing to compete straight up on the quality of its goods and services. the so-called war on regulation is not about freedom. wagedr on regulations is on behalf iant companies that don't want to follow any. t's call it what it al is, a war on public health. , on trulyublic safety free and competitive markets a war on american workers, a war on american consumers. republicans in washington talk about regulation like it is some
kindf uncontrollable frankenstein's monster. thll on own. a beast that will shoe our bones. they use the word regulation ke aagic incantation, a fearsome work that can be repeated three times to ward o the evil of big government. but american history tells a different story about regulation. more than a century ago, the industrial revolution began to start and ftories rgi all along the country. the industrial revolution economy and generated enormous wealth. it also wrecked havoc on workers and their families. as industrialization spread across the country, families poured in from farms into the cities.
paltry and hours were grueling. america's response to this was theechnological innovations and improvements of .he industrial revolution we did not send everyone back to the farms. instead, we came together as a country and through our government, we chaed public policies to adapt to a cnging economy. in other words, we adjusted the , to keep regulation much of the goods and get rid of the bad. over time, the list of new laws and regulations grew. a minimum wage, workplace safety, workplace compensation. child labor laws, the 40 hour work. the right to unionize. these otectis guard
rails so that giant corporations could no longer exploit workers just to boost their ownrofits. in addition to protecting workers, america also took steps to protect our financial system. from colontie early 1930's, america pretty much took the american world the way it was. booms and were just a part of the way things work, and was there t much we could do, sort of like the natural cycles of the moon. .hose crashes hurt they took down speculators, theylso took dowfarmers, small business owners, and employees. and millions of people who got swept away by economic forces that they could not control. and then the big one hit, the great depression. unemployment skyrock across the country, frightening
rumors cause ameri to empty their bank ts, triggering even me crises. in the midst of this chaos, franklin roosevelt stepped in with a bold ea. we can do beer. regulation to end the boom and bust cycles, and that is exactly what he did. in the wake of the great depression, erica put in place strong laws and rules that stabilize our financial system. insurance made it safe to put money in banks. to be a cop onlt wall street. banking legal separated from wall street risk-taking. years, those 50 rules state in place, and they worked.
the devastating economic crashes were gone. t elations brough stability, and the financial services industry served the american people, rather than the other way around. workers,ns to protect to protect financial marketplaces and make them fair, the gdp was climbing, and america's middle class was getting a hugeall e growth. in the 1970's, environmental .ssues moved front and center this may be hard to believe, but back in 1950's and 60's, big american cities were smothered with thick layers about -- of dirt and small. people suck down toxic chemicals
on the way to work and little kids breathe in dangerous substance is on the grounds. factory owners spilled their feud -- fill in the air and did not care. the auto manufacturers were not held responsible or tailpipe emissions. the millions who suer asthma attacks, devepelu cancer and died of heart is because of dirty air paid a terrible price. weekg one thanksgiving that in 1966, a severe small crisis choked new york city, killing hundreds of people. action, but big corporations pushed back hard. big carmakers said they would never be able to meet the deadlines to reduce a mission. too much tod cost adapt their vehicles, that they would go bankrupt.
noy und like big corporate interests today fighting greenhouse gas rerictions. but people prevailed. the epa was born, congress , andd the clean air act clear deadlines, to protect all of us. 1970-2016,ults, from common air pollutants fell 73%. today, the clean air act saved more than a hundred 60,000 lives every year. 160,000 people. our neighbors, our families. every single year. that's what good regulations can do. accomplishedhas through strong public center rules is a truly amazing story.
so where are the cheerleaders? where are the defenders of regulation, who make sure that most of us don't work in factories where equipment kills us, or don't drive cars with defective brakes? pervades and special citations for the federal employees who make sure cancer treatments really are cancer treat, and that the air is clean enough for our babies to breathe and grow and flourish. where are the thank you op ads and national holiday to celebrate the infrastructure, no nger strangled in poorly designed baby cribs and that airplanes are rarely crash. and thethose regulators regulations designed to protect american people become the enemy? answer, once again, is not complex.
the answer is corruption. by the 1980's, corporate giants who did not want to follow rules had a plan to fight back. they figured they could improve their profit margins by growing back those rules and the best way to dot s to control the rule maks. so they made political contributions and lobbying to the same unelected officials to leash up the regulators. deregulation, but that was just code for let the rich guys do whatever they want. steal, and if and anyone asks, attended was a good thing. harsh,unds a little bit but consider what happened in .he financial services industry
when reagan began his campaign of deregulation, those rules came under attack and state under attack. president after president, regardless of party. for decades, the feds and other bank regulators looked the other institutions found new ways to trick their customers. the fcc was badly outdone. the result should have surprised exactly no one. after another boom in 2008, our to the gr, ng ang tens of
millions of americans who lost their homes, who lost their jobs, who lost their savings, who lost the very lives they had spent decades to build. 30 years of deregulation. a crash that nearly brght our economy to its knees. a recovery now that ft most americans behind. and what is the trump administration's answer? more deregulation.eregulation. make this government work better and better for the richest and the most powerful. oh, sure. back in 2016 candidate t made big promises, promises to drain the swamp, promises to fight for workg ople, promises to ignore lobbyists, promises to stand up to wall street. well, it is clear now that those promises were just part of the
scam, a scam that has paid off handsomely for wall street, paid off handsomely for every corporation that can hire an army of lobbyists or drop big money at a nearby trump hotel. pandmely f every billionaire or corporate executive who has pocked of the $1.5 trillion tax giveaway. paid off big time. but for american families, the payoff still hasn't arrived. and there's more payoff for big corporations as the trump administration rolls back worker protections. the agenda -- take away overtime pay from millions of workers, delay rus lit workers' exposure to chemicals that cause lung disease and cancer. stack the nationalab relations board with people who have spent their careers busting unions. and how about the important environmental protections that
protect the health of our families, the ones we put in place to make sure we can drink the water and breathe the air? well, president trump started by appoting scott pruitt head the e.p.a. corruption oozes out of his office. ter] from wasting hundreds of ounds ofyer doll cutting deals to make himself rich to doing the bidding of the highest paid lobbyists. consider clean water.the ean wad to protect drinking water, but industry opposes the rule because it means they can't dump toxic chemicals in the water or spread toxic waste on ground where it might run into drinking water. and since industry doesn't like the cln terule, sct pruitt has come up with a plan for ending it. or think about pesticides. three years ago the e.p.a.
decided to ban a dangerous pesticide that puts our children at risk. but right after scott pruitt met with the c.e.o. of dow chemical, the rule was gone. or power. the clean power plan is the biggest step we have taken to fight against climate change, but once scott pruitt met with executives from big coalth e.p.a. announced its plans to end the rule. in just over a year, the administration has worked to roll back more than 60 environmental rules, from revoking car emission standards to undercutting efforts to limit methane gathe na of deregulation, pruitt has told corporations they can boost their profits by poisoning our waters, fouling our air, contaminating our food, and threatening the very planet we call home. all told, the ce for american progress estimates that
pruitt's rollbill st the american people about $260 those costs will be measured in hospital admissions and funeral bills. the same attitude permeates the trump administration. betsy devos, secretary of education, has delayed the rules keep r-profit colleges from scamming students. mick mulvaney, controlling the consumer financial protection bureau, has rolled back the oversight of payday lenders. ryan zinke, interior secretary, has pushed more off-shore areas to risky oil and gas drilling. esident trp has en wor to weaken the consumer product at makes sure thatoaersagency don't explode.
he has nominated a new chair who has opposed safety protections for table saws and nominated a new commissioner who defended companies that knowingly, knowingly sold all-terrain vehicles that tipped over and crushed children to death. i could keep going on, but these examples make one thing clear. president trump and his team ve embarked on an aggressive effort to kill the rules that protect the american people from corporate predators. ok. now is the part where we need to state the obvious. no. i don't think every regulation is good. sometimes regulators get it wrong. sometimes old rules need updating. sometimes rules should be eliminated outright, and the corruption of ourulemaking process now runs so deep that sometimes rules get perverted
into government-sponsored protections for giant corporations instead of protection for the american pe. on this one, you don't have to tell me. of theost significant regulatory rollbacks enacted by thcurrent congress etesna a thicket of anti-competitive restrictions that reduce access and drive up the cost of hearing aids for millions of americans. nou mighask me kno i that. i wrote the bill to roll back the regulations. i worked with conservatives to advance it and i got it signed into law by president trump. yeah. [applause] these kinds of regulatory changes, the pro-competition, pro-consumer changes, they aren't what the republicans' agenda is all about. no.
the republicans are working to insulate big corporations from accountability and responsibility. [applause] they are trying to make government work better and better for fewer and fewer people. this is a critical moment for our country. the republicans control both congress and the white house and they are using their control to fulfill their corporatederelaget anstors he s tet for executives security, and opportunity of everyone else. and, yeah, that's pretty grim. but i am here today because i am an optimist. i am an optimist because i believe that change is possible. i know it is hard. ending the war against america's families will take us a lot of fights on a lot of fronts. we can't win until we pry our
government free from the grip of the rich and the powerful. and that's why in the coming they are trying to make weeks i will introduce sweeping anti-corruption legislation to clean up corporate money sloshing around washington and make it polected governnto tually work for the american people again. plan will padlock the revolving door between government and industry. it will eliminate the ability of government decisionmakers to enrich themselves through their government service. it will empower federal agencies to pass strong regulations that benefit the public by ending corporate capture of the regulatory process. ending this war on public safety and competitive markets will also require standing up and
making the case loud and clear. strong government rules matter. weeks i will introduce sweeping we cannot, we must not accept a government that works only for the privileged few. government remains the best tool we have to create a level playing field so everyone, white, brown, black, young, old, mest tl we have to make sure that everyone, male, female, rich, poor, everyone who pitches in gets a shot at success. government matters and we cannot be afraid to say so. change is coming. when we send a message that corporate profits and powerful interests cannot overpower the health, safety, and economic well-being of hardworking families, we fire a warning shot.
this is our time, our responsibility, our chance to build a country where government works not just for the rich and powerful but government that works for the people. that's what this is about. thank you, all. [applause] thank you. thank you. c-span's washington journal live every day with policy issues that impact y co up wedsday mning, inside elections, reporter will be on talk about the results of
tuesday's primary and arizona republican congressman discusses divisions with in the republican conference on immigration policy. congressmanatic from rhode island talks about democratic messaging heading to the 2018 midterm election. be sure that watch c-span's journ live at 7:00 a.m. eastern wednesday morning. join the discussion. ♪ >> on this prime primary day one states we will focus on now montana from nbc montana. producer and reporter. good morning to you. >> good morning. to mon tan.it comes a everybody is folk seng happened with the senate today. you describe that tohe vires? autos sure. the, the democrats in senate need to gain two seats. they want to make sure they lose any ground there and na