Reader: Protect Dodd-Frank if you remember the Great Recession 


Remember 3.5 million Wells Fargo clients noticed their accounts being charged for lines of credit they had no knowledge of resulting in trashed credit scores? Remember individual Wells Fargo workers, who feared losing their jobs, complied with management to open fraudulent accounts and were blamed for intentionally acting on their own, consequently at least 5,300 were fired? Remember how John Shrewsberry, the bank's CFO when in September 2016 the scam made national headlines, accepted responsibility but said he would not resign?

Remember the big banks that targeted Latinos and blacks with higher interest and fees for homes, causing buyers to default? These subprime loans were major factors of the housing crisis. Remember the 46 percent interest rate on short-term payday loans?

Remember greedy broker after greedy broker who invested seniors' and workers' dollars in accounts that put more commissions in their personal or investment firms' pockets?

Well, 2010 federal regulations, Dodd-Frank, put the brakes on runaway financial practices, but will be no more if Congress repeals its safeguards. Remember the Great Recession?

— Kayla Dakota, Pueblo

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