After the economic crisis of 2008, when the banks and the insurance industries collapsed due to their greed, and so many Americans lost their homes and jobs, the United States Congress passed the Dodd-Frank Act to address the practices and behaviors that had caused the financial melt-down in the first place. The GOP just voted to repeal and replace that legislation with a corporate friendly version.
Yesterday, while we all were preoccupied by the Comey/Trump drama, the House voted to kill the regulations that were put in place to prevent another financial crisis by voting for the Financial Choice Act.
“The Financial Choice Act would let the president fire the heads of the Consumer Financial Protection Bureau (CFPB) and Federal Housing Finance Agency (FHFA) at will, and the CFPB would rely on Congress for funding. This would allow members of Congress to de-fund the agency,” according to ThinkProgress.
Part of the conservative philosophy is a belief that we should allow businesses to operate with as few regulations as possible. Conservatives expect us to count on the goodness that they believe is inherent in corporate America, one where the employer has the best interest of its employees at heart. While there are a handful of corporations that do operate this way, most don’t. Most look for the most effective way of cutting costs to increase their bottom line. Issues like safety, fair compensation and loyalty are not important and, too often, do not guide decisions. More often than not, it is profits before people.
But now with a majority, Republicans are desperate to once again allow businesses to do as they please.