Republicans took away the people’s right to be treated fairly by their investment bankers/brokers when they killed the consumer protection bureau. They said it was because they wanted to do away with useless regulations, but now they’re wanting to take away people’s right to protect their 401K accounts. In essence what they’re considering is a bill that would keep anyone from suing corporations who blatantly steal from their clients. Considering Donald Trump is a billionaire who only looks out for other billionaires the bill will probably pass too.
The Republican-led House Subcommittee on Capital Markets, Securities, and Investment is considering H.R. 5037, which would block private enforcement of state protections against securities fraud and even restrict a state’s ability to defend its own citizens in enforcement actions. What this means is if a corporation steals money from their investor’s accounts, your state would not be able to go after the corporations in court in an attempt to get your money back.
And that’s not all. Forbes reported that corporate America is working overtime to ensure investors harmed by financial fraud cannot hold them accountable when they steal from their clients. Industry lobbyists are pushing the SEC to change its rules to block investors from joining together as a group to recover the losses from widespread violations of securities laws. If that goes through it would bar cheated investors from enforcing their own rights in a court of law.
In essence, if you caught a corporation stealing from you, you would not be allowed to sue them for it, and they wouldn’t be required to return your money. If your state had laws that would protect you, those laws would now be null and void. This is nothing but an attempt for corporate America to steal at will and leave you out in the cold. Your retirement account would be zero and you’d never be able to retire.
And don’t think you could fall back on Social Security to live on, because congressional Republicans are coming for that too. In fact, they just voted in April to take away nearly $3 billion of the program’s surplus. Our best bet would be if we could run every single Republican politician out of the country, and be led by the only politicians who really care about the people…the Democrats.
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