Georgia congressman serves up consumers to Wall Street
By Kevin Palmer
President Donald Trump’s recent comment on why his Cabinet of advisors is dominated by billionaires and multimillionaires explains the mindset behind Georgia’s 12th District U.S. Representative Rick Allen’s egregious decision to co-sponsor a bill which takes advantage of ordinary American consumers.
In a June 21, 2017 Huffington Post article captioned, Trump Says He Doesn’t Want Poor People in Charge of the Economy, President Trump, in referring to wealthy Cabinet members, was quoted as saying, “These are people that are great, brilliant business minds, and that’s what we need, that’s what we have to have so the world doesn’t take advantage of us.” In other words, Trump knows the rich are experts at taking advantage of people and that same expertise can be useful in dealing with world leaders who possess the same exploitative skill.
Similarly, multimillionaire Georgia Congressman Rick Allen seeks to make it easier for financial institutions to take advantage of ordinary Americans. He is co-sponsoring bill H.R. 3118 to eliminate the Consumer Financial Protection Bureau (CFPB) by repealing title X of the Dodd-Frank Wall Street Reform Act, commonly known as the Consumer Financial Protection Act of 2010. According to the CFPB’s website, “It was created after the 2008 financial crisis to protect consumers from unfair, deceptive, or abusive practices.” Also, “it enforces laws that discriminate in consumer finance.”
In short, instead of protecting consumers, Congressman Allen would rather embolden financial institutions to exploit consumers. By repealing the Consumer Financial Protection Act of 2010, it will be easier for the financial wolves to devour the consumer sheep.