Don’t weaken Dodd-Frank

The evening of Feb. 28, I and 39,999 others received a “town hall” call from Rep. Lloyd Smucker. He answered three constituents’ questions and asked which of four issues was most important; you responded by pressing 1-4 on your phone. The rambling hour ended at 7:30 p.m.

When a reporter asked about Congress’ ability to fund infrastructure and military increases, he replied, “Congress isn’t bored and is ready to work with the president.”

Huh? A great political response. Ignore the question.

Hopefully, Rep. Smucker, you will not just rubber stamp Trump’s proposals. Government is there to protect the individual before lobbyists or companies. Congress enacted the Dodd-Frank Act in 2010 to help reduce risky actions by banks, which started the Great Recession. Hopefully, Congress will not mess with the key components of Dodd-Frank so that we won’t have more taxpayer bailouts.

Financial media programs have been talking about and supporting the Fiduciary Rule for years. It requires financial advisers of retirement accounts to do what’s in the best interests of the client, not themselves.

According to Money Magazine, the White House Council of Economic Advisers estimated that a 45-year-old with $100,000 in savings could lose $37,000 by age 65 with costly advisers.

Trump has issued an executive order directing the Department of Labor to review the Fiduciary Rule, probably delaying its start in April and possibly ending it.

If you want to avoid a Greater Recession, demand that Smucker, or your representative, and Sens. Pat Toomey and Bob Casey retain the important parts of Dodd-Frank and support the Fiduciary Rule.

Sherry Rich

Manheim Township

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