Please stop clapping long enough to check your wallet?

The followers of the Orange Agent of Change applaud his “actions” which they take to mean validating their world view informed by Faux News.  If they have a moment, they might want to stop for a moment and check their wallets.

At the next town hall meeting, if in fact your Republican Representative deigns to have one,  there are some pertinent questions you might want to ask because they relate directly to your very own money.

(1)  Why did the Republican House pass HJ Res 67 on February 15, 2017 which rescinded the Labor Department rule requiring financial advisers for retirement accounts to give YOU advice in YOUR best interest, and instead allowing those advisers to revert to giving you advice that could be based on what was profitable for their own firm?

*Nevada note: Representatives Rosen, Titus, and Kihuen voted against this, Representative Amodei voted in favor of it.

The babble you may get from those Representatives in support of this will almost certainly center on the banksters’ argument that the rule impinges on their profitability, and may thereby reduce their ability to provide service to you. Service like this you could do without.  If your financial adviser won’t agree to provide you with retirement investment suggestions based on YOUR best interests, then it’s time for you to reconsider your relationship with that company. You should expect your adviser to act in YOUR best interests and not use you (and your money) to generate fees and revenue for their own company.

(2) Why do House Republicans want to strip the Consumer Financial Protection Bureau of its power to protect average Americans from predatory lenders and other financial scams?

“Legislation in the works would limit the bureau’s enforcement authority, reduce its ability to make rules and repeal its consumer complaint system.

It would also greatly shrink the enforcement tools at the consumer watchdog’s disposal, blocking it from being able to go after businesses engaged in deceptive practices and restricting its oversight of big publicly traded companies that are already regulated by agencies such as the Securities and Exchange Commission.” [NYT] [The Hill]

This is precisely what H.R. 1031, introduced by Rep. John Ratcliffe (R-TX4) would do.  Please pay special attention to the part wherein the GOP wants to strip out the consumer complaint system.  Without consumer complaints Wells Fargo could have gleefully, and profitably, carried on opening fraudulent accounts and charging fees. Instead, they’ll be paying a $185 million dollar fine. [NYT]  In fact, the CFPB has caused the restitution of some $11 billion for defrauded Americans. [The Hill] The bill looks to be approved by the House Financial Services Committee.  Remember how Republicans are fond of telling you that you deserve to keep your money?  Well, the CFPB is one good way of helping you to keep your very own money out of the mitts of unscrupulous banksters.

Here’s guessing that removing the relative independence of the CFPB is a way to reward the banksters, the predatory lenders, and others who don’t want any restrictions on their actions – no matter the cost to US consumers – and this should not pass unnoticed.  This isn’t exactly helping you keep your money in your wallet or bank account.

Then perhaps the Congressional representative will be willing to hear what you have to say about stripping 320,000 of their health care insurance coverage in the state of Nevada? [previously on DB]

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Filed under consumers, Economy, House of Representatives, Politics, Republicans

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