In case there was any doubt, Rep John Faso will do anything to help huge corporations and the wealthy executives who run them, even if it screws consumers and jeopardizes our economy. Yesterday Faso voted to roll back some of the Dodd-Frank banking protections that have helped our nation recover from the devastating Great Recession brought about by the sub-prime housing bubble that burst during the Bush Administration.
Republicans hate regulations because they keep big corporations from making more money by screwing average citizens, polluting our air & water, despoiling our wild areas, etc. And the Dodd-Frank regulations keep banks from taking big risks while at the same time forcing them to keep a close eye on their capital ratios, which means they can’t roll the dice with your deposits and our economy.
Yesterday’s vote primarily concerned smaller banks. If you listen to propagandists like Faso, you would think that small banks are teetering on the brink of insolvency and need to be freed from lethal constraints placed on them by irresponsible Democrats. But nothing could be further from the truth. The banking sector is showing record profits, and small banks are doing just fine. But that isn’t stopping Republicans from trying to tilt the playing field further in favor of the wealthy.
Here’s the critical point: THIS IS ONLY THE BEGINNING. The GOP is going to try to get rid of all of the Dodd-Frank protections, likely before they face the possibility of being voted out in November. We have to start raising a stink about their desire to throw away the safety features that brought us years of stability and security since Dodd-Frank. And we have to make sure the voters in NY-19 know that Faso doesn’t care about average Americans. He cares about Wall Street.
Absolutely nobody in our district–other than a bank president–has complained to John Faso that the Dodd-Frank law was hurting them and their family. It’s not an issue for anyone in middle America. It’s only a concern for Wall Street plutocrats and CEOs who are always looking to take bigger risks with someone else’s money. But when Dodd-Frank goes away, it will eventually be a disaster for Middle America, just like it was in 2008. History has taught us that Wall Street always tends toward excess when left unchecked.
So this is another winning issue to pin on Rep John Faso. He’s helps Wall Street and screws Main Street, time after time. Let’s keep working to Fire Faso this November…