Letters: Thanks for poppy support; Lewis' plan to put Wall Street first
Thanks for poppy support
To the editor:
We wish to thank all the Farmington businesses and citizens for their generous support in our 2017 American Legion Auxiliary's poppy program.
Kim Loomas and Vickie Heggen
American Legion Auxiliary Clifford Larson Unit 189
Lewis' plan to put Wall Street first
To the editor:
U.S. Rep. Jason Lewis put Washington and Wall Street ahead of the 2nd Congressional District once again. On June 8, Lewis voted to pass the Financial Choice Act, which guts consumer protections enacted after the 2008 financial crisis. Lewis may not remember the suffering we endured during the financial crisis, but I do.
During the crisis, I felt helpless as friends and family members lost their jobs and homes. I watched as new housing construction came to a stop, leaving builders without work. I was finishing college without any hope of finding employment. It was a devastating time for our entire country.
To prevent such a crisis from ever happening again, Congress passed the Dodd-Frank Act in 2010, which created protections for consumers against predatory financial companies and put a stop to the high-risk behaviors that profit-hungry firms were engaging in. The Financial Choice Act, which Lewis voted for wholeheartedly, reverses these important protections and rules.
This is going to be terrible for consumers like you and me. The Financial Choice Act dissolves the Consumer Financial Protection Bureau, which was created to prevent financial firms from engaging in "unfair, deceptive, or abusive acts and practices." It replaces it with a toothless agency with limited authority to supervise or examine these offenses.
Worse, the Financial Choice Act reverses something called the fiduciary rule, which mandates that financial brokers act in the best interests of their clients (i.e., people like you and me who seek their advice on investing and saving for retirement). The Financial Choice Act lets brokers off the hook to give bad advice to us if it's good for their company's bottom line.
Lewis justifies the disastrous Financial Choice Act by saying it's good for business. Well, he's certainly right. It is good for the biggest banks and the wealthiest bankers. It is good for financial market speculators who gamble with our homes and savings. It is not, however, good for us.