Vail Daily letter: Less regulation isn’t always best
June 17, 2017
Congressman Scott Tipton must think people are not paying attention. The Dodd Who Act, as he calls it, is something anyone who has been involved with the tortuous process of refinancing a home or business since the Great Recession of 2008 is well familiar with.
He seems to think it is the main culprit in what he and many other conservatives believe lies at the heart of the slow economic growth since that crisis. He must think we're all meatballs out here. American consumers are still saddled with debt, lots of it, while the banks too big to fail were bailed out by our tax dollars in an unprecedented move by our central government to keep the capitalist deck of cards from collapsing in the winds of a deregulated free market.
The Financial Choice Act, H.R. 10, as designed by the Republican-controlled United States House of Representatives thinks the way forward is to go back to less regulation, less accountability and less enforcement. "This bill would make sweeping changes to the financial regulatory system by revising the changes that were put in place after the 2008-2009 economic crash. The bill would weaken the Consumer Financial Protection Bureau, the Financial Stability Oversight Council and regulations that prevent commercial banks from trading for their own gain, among other changes," reports Govtrack.
A summary of the changes the bill proposes can be found by Googling the recent New York Times article "How House bill would dismantle an array of Dodd-Frank reforms."
Clearly, Mr. Tipton, like many of his conservative Republican colleagues, believes less regulation is best for the economy and an unfettered economy is best for us all. Too bad history proves time and again that unfettered predation leads to more predation.
The House version of this bill, like the American Health Care Act, as designed again by House Republicans, has little chance of passing in its current form. Let's keep all our legislators accountable, Mr. Tipton and Mr. Cory Gardner, our Republican senator, included. Forget the spin fellas. Give us the facts.
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