In the June 19 edition of the Daily Herald, 11th Congressional District candidate Bill Foster pushes the Democratic Party message by suggesting that the Dodd-Frank bill is the cure-all for preventing future financial meltdowns like the one we experienced in 2008. As is typical of liberals, his theory is that any regulation is better than no regulation.
Mr. Foster's assertion that "The Dodd-Frank bill, had it been enforced in the last decade, would have prevented the financial crisis" illustrates his poor grasp of economics. As a small-business owner in the financial services industry, I can attest to the fact that much of Dodd-Frank is regulatory overkill that will hurt economic growth without providing the so-called financial safeguards that it promises. Instead, as Mitt Romney has espoused, we need smart regulations.
The single most important step that Congress could take to prevent another financial meltdown is reinstating Glass-Steagall. Mr. Foster's failure to recognize this is evidence that he is ill-equipped to represent the people of the 11th Congressional District.
Stephen W. DeFilippis