Three Ways the Financial Reform Bill Limits Your Freedom

Posted by on May 13th, 2010 and filed under Defense. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry from your site

Senator Dodd’s financial reform bill which supposedly calls for financial regulatory reform, despite the GOP lifting the blockade is still a threat to our nation. Once again, our Democratic majority has skipped over what our nation needs in order to do nothing more than create more titles for their higher ups and limit our freedoms through so-called “Financial reform” agenda items. Although many threaten financial futures, it is limits to basic freedoms and rights which are the most aggressive as well as can and will have the most detrimental effects. In no way should any reform bill result in freedom restrictions. Then again, that was before the Democratic definition of reform entered into our lives.

Dodd’s financial reform bill is weak on consumer protection yet heavy on political payback. The highest threat to our freedom is one that is profitable to an immensely large fan of Democrats and Obama: Lawyers. This top contributor of campaigns wins greatly through Dodd’s action against arbitration agreements between consumers and financial firms. Hence, if you have an issue with a financial organization, be prepared to pay for litigation. Arbitration, defined as a way to come to a conclusion between battling parties before costing the courts’ and their own time, will actually be forbidden via a new consumer regulatory agency. What is the most laughable about this is not only does the restriction threaten an American legal right, but also in a sense creates a pre-emptive “proposal” before the agency is even enacted. Nonetheless, the result of this objective is simple: Trial Lawyers 1, Americans 0.

Looking at more daily activity infractions, through a new “Bureau of Consumer Financial Protection” Americans will be foreboded from some financial products. Credit and the need for such are increasing as a result of this continuing recession. However, despite Senator Dodd’s belief that his financial reform bill will result in protection against unfair credit practices toward Americans, the means in the bill which claim to meet these objectives in fact threaten Americans who need the ability to obtain credit. Not only will financial decisions be inadvertently made for citizens through limited credit and financial availabilities, but cost and hence ability to receive credit will also be affected against the citizens.

Despite the reality that the financial reform bill will increase costs for credit to Americans, the “line of credit” the bill gives to the Treasury Department to fund $50 billion dollar for bailouts is a long-term financial threat to future generations. Children who have not yet been born will enter this world with an immediate, insurmountable load of debt. While the line of credit will be secured by the value of failing banks and financial institutions, the actual debt placed on the books will be the responsibility of the taxpayer.

Once again, Democrats are looking out not for the good of the people but the good of the party and their financial benefactors. The response of the winners to this bill such as credit card companies and trail lawyers will remain  funders for Democrat re-election and election campaigns. However, despite the reality that money helps campaigns, it is votes that determine the outcome in elections. Seeing these factors and realizing this is the tip of the blade that is cutting into the American’s already weak financial future, the already evident frustration of the American people will account for the votes which they will be lacking in future Election Days.

Leave a Reply

Subscribe to our newsletter

This Week's Poll