Dodd-Frank protects consumers
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