While a recent letter writer’s simplistic praise of Rep. Andy Barr, and Republicans in general, touched on several points, I’ll focus on one: the “terrible Dodd-Frank regulations.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act (let’s not forget that “consumer protection” part) was passed to protect taxpayers from the unregulated banking practices that caused the Great Recession. The law required banks to hold enough capital in reserve to pay for any downturns. The banks, rather than taxpayers, would be required to pay for their own losses.
This doesn’t sound terrible to me. “Terrible” is a word better suited for the Great Recession. Why would we want to return to a time of financial institutions acting recklessly thanks to weak regulation?
Last year, Barr voted for the Financial CHOICE Act, which eliminates taxpayer protections and allows Congress to defund the Consumer Financial Protection Bureau. It appears that, rather than protect consumers here in the 6th District and across the country, Barr would rather protect banks.
I wonder why. Could it have anything to do with the $173,345 in donations he received from banks and investment corporations in 2017?