Weakening Dodd-Frank

https://www.nytimes.com/2017/07/09/opinion/weakening-dodd-frank.html

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To the Editor:

Re “Playing Tricks With Dodd-Frank” (editorial, June 17):

Even though Donald Trump criticized Wall Street in the campaign, I knew that once in office he would give banks and companies an edge over consumers.

Among the Treasury Department’s recommendations is ending public access to a database that collects consumer complaints about financial companies, tracks responses, and records whether consumers end up satisfied, the best source of information for consumers making choices about financial companies.

Dodd-Frank rules were meant to reduce the risk-taking of financial institutions to prevent a repeat of the Great Recession we all suffered. Some of the Treasury-recommended changes would likely give banks incentives to take more risks. This would lead to a riskier, not more stable, financial system.

You point out that the Consumer Financial Protection Bureau returned $12 billion to people who paid unreasonable fees and took predatory mortgages and enrolled in deceptive student loan programs. Most likely that money would have gone back into the economy, encouraging companies to add jobs.

President Trump is not for the little guy.

PEGGY GALENORTH KINGSTOWN, R.I.