Dodd-Frank pro­tects con­sumers

The Washington Post Sunday - - SUNDAY OPINION -

Lest it be missed amid all the other is­sues of the day, the Trump ad­min­is­tra­tion and Repub­li­cans in Congress are in the process of evis­cer­at­ing an im­por­tant leg­isla­tive achieve­ment: the Dodd-Frank Act [“How Trump could dis­man­tle Wall Street reform,” Busi­ness, Feb. 12].

This act in­sti­tuted the most sweep­ing con­sumer pro­tec­tion and bank­ing over­sight mea­sures in decades. It was de­signed to root out preda­tory busi­ness prac­tices against con­sumers. The Con­sumer Fi­nan­cial Pro­tec­tion Bureau, cre­ated by the act, has been, and con­tin­ues to be, a stal­wart cham­pion in this ef­fort. The bank­ing over­sight and “stress test” re­quire­ments im­posed by Dodd-Frank have been a but­tress against the self-serv­ing prac­tices of the banks and in­vest­ment firms and have re­duced the chances of an­other Great Re­ces­sion, which hurt so many peo­ple and busi­nesses in the United States.

The pub­lic should be out­raged that any­one in the ad­min­is­tra­tion or Congress is even think­ing of dis­card­ing the Dodd-Frank Act.

Robert M. Kraft, Spring­field

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