Republicans are protecting citizens
Elizabeth Warren, the White House and Treasury adviser in charge of setting up the Consumer Financial Protection Bureau, testifies at a hearing in Washington last month. Credit: Bloomberg
Your editorial "Whose side is Congress on?" [May 26] frames the Republicans as uninterested in protecting the consumer. I see it quite differently.
The origin of our economic breakdown occurred in the 1990s when Democrats initiated the destruction of the home-mortgage industry under the political concept that all Americans have a right to own a home. They pressured the banks to give mortgages to just about anyone.
President George W. Bush warned Congress several times that something was wrong with Freddie Mac and Fannie Mae, but Congress, including Rep. Barney Frank (D-Mass.) and Sen. Christopher Dodd (D-Conn.), stood in the way of any investigation and regulation, beginning in April 2001, when Bush first raised the concern.
The Dodd-Frank Wall Street Reform and Consumer Protection Act made the financial sector the fall guys. Due to past political stupidity and government bullying, Democrats caused the need for a "Warren Commission" -- the new federal Consumer Financial Protection Bureau being organized by Elizabeth Warren -- to put the handcuffs on our financial institutions.
In the end, the consumer will pay more for everything because of this regulation. It is important that government protect the people, but any meddling into the private sector must be kept to a necessary minimum, and that is a point many Republicans are making.
Arnold Genovesi, Islandia
Bruce Blakeman sworn in ... SCCC professor arrested ... Cops: Driving instructor showed teens porn ... Out East: Mecox Bay Dairy
