Dodd-Frank Act shouldn’t be repealed

Trump stated that one of his major objectives is the repeal of Dodd-Frank. He claims that the legislation is too restrictive and hinders the banks ability to operate successfully. This legislation was passed to reign in the reckless behavior of the banking industry that caused the 2007-09 Great Recession.

To comprehend the magnitude of that financial crisis consider this — 8.7 million jobs lost, 7 million people lost homes, average American households lost one-third of their net worth and the stock market lost one-half of its value.

One would think that legislation to correct these banking abuses would be something all Americans could endorse, but that was not the case.

None of the 175 House Republicans voted for Dodd-Frank, including Paul Ryan. Evidently members of the GOP have no qualms in seeing their constituents net worth drop by a third.

Unfortunately, this bill covered only one-third of the necessary reforms. Currently, the top five major banks control a vast amount of the U.S. currency and generate too much influence in the financial market place.

They still remain too big to fail. When the next financial crisis occurs the American taxpayer will again be asked to bail them out.

If what Trump claims is true, just how disastrous has this bill been to the banking industry? In 2015, US banks earned net income of 164 billion dollars.

This was the highest amount of any year on record. Contact Paul Ryan and tell him to keep his hands off Dodd-Frank.

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