The Dodd-Frank Bill:

A Guaranteed Failure

To the Editor:

On Tuesday, Chairman of the Federal Reserve Ben Bernanke was asked about possible negative implications regarding the Dodd-Frank Bill and in typical Bernanke fashion, he avoided the question. What is the purpose of Dodd-Frank? According to a government website, the purpose of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” is “ 1. To create a sound economic foundation to grow jobs, 2. protect consumers, 3. rein in big bonuses, 4. end bailouts and 5. end too big to fail.

Comparing the goals to reality is laughable. Here we go: 1. Banks were lent money with no strings attached. Instead of lending the money to businesses for job growth, banks lent the money back to the government at a cost. Therefore small business and individuals couldn’t borrow money, jobs weren’t created and the national debt increased. 2. Consumers need protection from Washington’s love for banks! 3. Wall Street bonuses hit a record high in 2010. 4. Last month Fannie Mae requested and received another $10 billion in aid (while the CEO makes $4.5 million a year). 5. In 2009 Washington said if a bank is too big to fail than its too big. Today I am unhappy to report that those banks are bigger.

In a time when America is on the brink of economic collapse, the people we rely on (and vote for) to act in our best interest continue to play an endless game of charades. These games cost money, our money, money we don’t have. The next recession is right in front of us and Washington continues to waste our money to insure job security. I’ve reviewed (I don’t have the time or desire to read all 2,300+ pages and it’s a joke. For example, there’s a section requiring companies using minerals from the Republic of Congo to disclose the minerals origination. While Dodd and Frank collect pensions from our tax dollars, American’s should feel at ease knowing the origination of Congo’s exports. Sad.

Daniel M. Patti, CFP

84 South Main Street, Building C, Newtown               June 8, 2011