Why Does Spencer Bachus Oppose the Dodd-Frank Act? It’s About Service.

Republican Representative Spencer Bachus, Chairman of the House Financial Services Committee, has come out in strong opposition to the Dodd-Frank Act of 2010, giving the new law a grade of F in July of 2011. Why? What’s objectionable about a law that creates an independent consumer protection watchdog agency with the job of making sure Americans receive the information about their loans they are entitled to under law and are protected from hidden or illegal bank terms and fees? What’s wrong with a law that cuts debit card fees charged by banks to shopkeepers, fees that rose more than $20 Billion a year above the actual expense to banks?

House Financial Services Chairman Spencer Bachus declares on December 8 2010: My view is that Washington and the regulators are there to serve the banks.Spencer Bachus explained what’s so wrong with the Dodd-Frank Act on December 8 2010:

“My view is that Washington and the regulators are there to serve the banks.”

Got that? Washington isn’t there to serve the people. Washington is there to serve the banks. This explains Spencer Bachus’ opposition to the Dodd-Frank Act perfectly.

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