advertisement

LETTER: Banks need reform, but Blunt and Luetkemeyer won't sign on

Saturday, February 27, 2010 | 9:32 p.m. CST; updated 9:32 p.m. CST, Sunday, February 28, 2010

In 2009-2010, Congressman Roy Blunt received the most donations of all House members from commercial banks. Congressman Blaine Luetkemeyer was number 3 on the banks’ list (based on FEC data for 2009-10). Both Representatives voted against the house banking reform bill and its consumer protections.

While a corporation’s job is to make money for its shareholders, the consumer needs protection from deceptive and predatory practices. More than 60 percent of people with sub-prime loans qualified for regular mortgages, but were steered into other products because they were more profitable for the lender. Certainly consumers need to be alert and to educate themselves, but the deck is stacked against them as financial institutions seek new ways to make money.

The biggest entitlement in the United States is the lack of regulation. Representatives Blunt and Luetkemeyer didn’t like H.R. 4173 (Wall Street Reform and Consumer Protection Act), but they offer no plan of their own to make sure consumers are given adequate and truthful information from the financial sector. These Congressmen are friends to big banks, big insurers, big business. They are not friends to their constituents.

 Jane Whitesides is with Pro-Vote Missouri. She lives in Glasgow.


Like what you see here? Become a member.


Show Me the Errors (What's this?)

Report corrections or additions here. Leave comments below here.

You must be logged in to participate in the Show Me the Errors contest.


Comments

Leave a comment

Speak up and join the conversation! Make sure to follow the guidelines outlined below and register with our site. You must be logged in to comment. (Our full comment policy is here.)

  • Don't use obscene, profane or vulgar language.
  • Don't use language that makes personal attacks on fellow commenters or discriminates based on race, religion, gender or ethnicity.
  • Use your real first and last name when registering on the website. It will be published with every comment. (Read why we ask for that here.)
  • Don’t solicit or promote businesses.

We are not able to monitor every comment that comes through. If you see something objectionable, please click the "Report comment" link.

You must be logged in to comment.

Forget your password?

Don't have an account? Register here.

advertisements