Dear Congressman Yoder,
I am writing in response to your As I See It article in the KC Star that was published on January 4th.
For those that don’t remember – Congressman Yoder caused a shit storm when he added language to the 1,600 page spending bill to overturn the Dodd-Frank banking regulations all written by big banks.
Before reading your article, Congressman Yoder, I’ll admit I strapped on my political goggles, because I had a feeling that I was going to take a few laps in the political bullshit pool and it turns out I wasn’t disappointed. Just the headline alone gave it away – Scrapping costly banking regulation is a way to invest in America!
I’m sure when you were writing this article a huge American flag was waving behind you and a bald eagle flew back and forth over your head. You probably did the first draft writing with a quill and ink well dressed in American Revolution garb.
Here’s my favorite paragraph….
Yet, we know Washington regulations don’t create jobs. If we truly want to expand the earning power of American workers, we must encourage investment to grow our economy. That starts with protecting us from the central planners in Washington who continue to stifle lending.
Contrary to the myth that this amendment was stuffed into the spending bill at the last minute, this was perhaps the most bipartisan and thoroughly debated change to Dodd-Frank to date.
Senator David Vitter, Republican of Louisiana, one of the Senate’s most conservative lawmakers, teamed with Senator Sherrod Brown, Democrat of Ohio, one of its most liberal ones, to demand the provision’s removal.
“If Wall Street banks want to gamble, Congress should force them to pay for their losses and not put the taxpayers on the hook for another bailout,” the two wrote on Thursday to House and Senate leaders.
I guess time will tell if this is really good for America. If the gamble doesn’t pay off, one thing is we all know who we have to blame.
Yours for investing in America,