Letter to Rep. Wittman from a Concerned Citizen
Good Day Congressman Wittman:
Please help us? Your constituents want to understand your co-sponsoring of the Financial CHOICE Act (CHOICE). What are benefits of CHOICE for the majority of those who could vote for you?
Is it true that that the bill will repeal the Dodd-Frank Orderly Liquidation Authority (OLA) provisions? Ben Bernanke stated this year, “…during periods of high financial stress, even augmented bankruptcy procedures might not be enough to maintain a stable financial system…Dodd-Frank created a backup authority, called the Orderly Liquidation Authority (OLA), to be used only when the Fed, FDIC, and Treasury (in consultation with the President) declare a financial emergency.” Why would you remove this protection?
Another provision adjusts the bank stress testing procedures, which could increase the risk of bank failure. Fed Chair Janet Yellen called the CCAR testing the "cornerstone of our effort to improve supervision". Why would you want to reduce the effectiveness of this procedure?
What do changes to the caps on debit and credit card fees do other than allowing banks to charge more for each credit card swipe? Wouldn’t everyone but banks have to pay more??
Why weaken the Consumer Financial Protection Bureau (CFPB)? Wouldn’t subjecting it to the will of the President and exposing it to complete Congressional defunding make this independent consumer-protecting agency subject to politics? Is that good for consumers? What is this agency doing that you would want to change? Please remember this is the organization that has fielded and responded to over 1 million consumer complaints since its inception. One of those exposed the Wells Fargo’s phony account practices.
Congressman Wittman, who are you representing in your support of this bill? Does it respond to the best interests of majority of your constituents?
Please share your thoughts on these issues.
616 Wilton Coves Drive
Hartfield, VA 23071