One Of The Worst Bills In History

To the Editor:

The cost of everyday banking is about to rise!

What do you get when two politicians who know nothing about the financial industry join forces?

 A financial regulatory bill, also known as the Dodd-Frank Bill.

In my opinion, this has to be one of the worst bills in US history. This bill was proposed to protect Americans and keep banks from becoming too big to fail. Unfortunately, this bill will make banking for all Americans more expensive and big banks bigger.

For example: The days of free checking will probably be a distant memory. In order for banks to conquer the costs that come along with more regulation and restrictions, customers with free checking could soon be paying over $100 a year to use a bank. Excuse me, Mr Dodd, how does this benefit the average citizen?

Second, banks have a choice of operating in the US with strict regulation or going oversees thus taking jobs and money out of the US. Excuse me, Mr Frank, how does this benefit the average citizen? Finally, when smaller banks lack capital they will be taken over by larger banks. This almost guarantees big banks will get bigger. It’s happened over 100 times so far in 2010.

I would like to congratulate Washington for cramming another useless bill into our system.

Daniel M. Patti, CFP

84 South Main Street, Newtown                                     July 28, 2010