Letter: Preserve Dodd-Frank
February 15, 2017
I am concerned about the Trump administration scaling back the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The Glass-Steagall Act, aka the Banking Act of 1933, was put into place after the stock market crash in 1929. Glass-Steagall made it illegal for banks to invest their depositor's funds in risky investments and it created the Federal Deposit Insurance Corp.
Glass-Steagall worked for many years to protect Americans from a financial meltdown. Over time, Glass-Steagall was dismantled with a complete repeal occurring in 1999 under the Clinton administration. What happened after the repeal of Glass-Steagall? The worst economic crisis since The Great Depression.
Ordinary people lost their savings, investments in their homes and their retirement accounts. Dodd-Frank was put into place to protect us; however, the Trump administration purports that Dodd-Frank regulations are stifling banks' ability to lend and limits consumer products. It appears that the dismantling of Dodd-Frank is designed to continue to line the pockets of the Wall Street bankers and the ultra-wealthy and is not in the best interest of most of us.
Contact your elected officials and say no to the dismantling of Dodd-Frank.