Voters and taxpayers in Idaho need to know what the Senate Finance Committee is up to. They’re planning on rolling back bank regulations put in place after the most recent great recession and financial collapse that started in 2008 and caused a collapse of the U.S. real estate market, the U.S. economy and which spread to a global financial collapse. The legislation passed was “The Financial Services Modernization Act” AKA Gramm-Leach-Bliley after the three GOP senators who wrote and sponsored this bill. Millions of Americans lost their homes, their jobs and their retirement savings during this recession — but no member of the U.S. Senate or House of Representatives lost his job, his home or his pension. And now they’re considering doing the same thing. Please write to members of the financial services committee, your senators and representatives to urge them to stop right now and do nothing further to loosen bank regulations. Your home, job and your life savings will be at risk again if congress moves forward with this legislation. It is not in the best interest of U.S. taxpayers and will only benefit banks when they have already demonstrated they cannot be trusted to regulate themselves.
Janna Nikkola, Boise