Government gives consumers less financial protection


I just read a scary article “Senate advances plan to weaken Dodd-Frank banking rules” (March 7). We had the Great Depression of 1929, which resulted in regulations to protect us. Some regulations were eased. Result? In the 1980s, we had the savings and loan crisis, costing us taxpayers $160 billion. Then in 2008 we had the crisis that cost taxpayers $700 billion.

As a result of 2008, we have Dodd-Frank law to protect us. Now the legislators who have received millions in campaign gifts want to greatly weaken the law. We can now trust them? The corporate leaders who caused the crisis saw fit to pay themselves $1.5 billion in bonuses with our tax dollars. Sound trustworthy?

In addition to Dodd-Frank, we created the Consumer Financial Protection Bureau to protect us. In the past eight years, the bureau has fined law-breaking financial institutions over $10 billion. Sound trustworthy? Will the bureau continue to help protect us? No. Trump has put Mick Mulvaney in charge. His desire to help us? He has called the bureau “a sick joke.” Sound like someone we want protecting us?

Martin Walsh  •  Glendale

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