Letter: Are big banks and lending companies the privileged few?

Gail Toffey, Vero Beach

Letter: Are big banks and lending companies the privileged few?

A member of the Senate Banking Committee asked this question of the country’s top federal banking regulators at a Banking Committee hearing recently: “When is the last time the government took a big Wall Street bank to trial for breaking the law?”

No answer.

“There have been landmark settlements over the past couple years, but the pattern in Washington has been to settle (for) voluntary agreements rather than go to trial. This senator is concerned, and has said that this is wrong.”

Furthermore, the “government’s unwillingness or inability to take big banks to trial reduces its leverage in settlement negotiations ... what the big banks did is wrong — days and days of testimony about illegal mortgage foreclosures or collusion on interest rates — stay hidden from view.”

Is this responsible or fair to the ordinary citizen who would, for the same crimes, be tried and possibly incarcerated? Is it fair to citizens who were cheated?

Why are the Senate Republicans blocking a vote on Rich Cordray, director of the U.S. Consumer Financial Protection Bureau? Do they not want to see strong, fair enforcement of our laws?

According to this senator, “It took hundreds of thousands of people across the country fighting to get a Consumer Financial Protection Bureau ... For two years, Senate Republicans have held Richard Cordray hostage, saying they will block any vote on director unless the Democrats agree to weaken the agency and limit its ability to hold the big banks and credit card companies accountable.”

Just do it: Protect all consumers and constituents.

If our representatives refuse to do their jobs and govern, it may be time to get some of these things settled by national referendums or perhaps removing the “deadwood.”