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Fault on both sides of the aisle for push to deregulate derivatives

  • Published in Letters
To the editor,
A recent New York Times article brought to light current legislation passed by the House Financial Services Committee. The legislation which passed with a vote of 53-6, allows for the deregulation of derivatives. This practice of deregulation was at the cornerstone of this country's financial disaster five years ago. In addition to the stupidity of repeating such policy, the legislation was largely written (70 of the 85 lines) by Citigroup. Unbelievable!
Fault can be found on both sides of the aisle. Every Democrat, Republican and independent should be outraged by the actions of the House Financial Services Committee. They may have a short memory about the country's economic downfall five years ago, but many U.S. citizens, especially the middle class have not forgotten. I encourage all citizens to research this legislation and contact ones representatives regarding your position on the matter.
Marcia Hayward
Laconia