It’s well known that conservatives support corporate interests with their chants of less government spending and regulation.
What’s likely to happen of importance to baby boomer consumers now?
Public Citizen, a consumer advocacy organization, is concerned that Rep. Spencer Bachus (R-Ala.), who plans to chair the House Committee on Financial Services, is urging watchdog agencies to ignore the law and let Wall Street run wild again – and with taxpayer money:
Bachus wants the big banks to keep up the government-subsidized gambling that crashed the economy and cost millions of jobs. His position flatly contradicts the Volcker rule in the new Wall Street reform law, and it’s the wrong direction for the country.
If Bachus plans to take direction from Wall Street lobbyists and give the big banks more financial wrecking balls rather than make the economy work for ordinary Americans, we can expect more financial crises, more big bank bailouts, and more lost jobs.
AARP thinks the new Congress could begin to satisfy demands to repeal the new health law by simply refusing to fund it. It also could propose a partial privatization of Social Security and raising the retirement age to 70.
A Washington Post article suggests the first major bill to be considered when the new Congress convenes in January will be one that would cut federal agency spending by $100 billion, reducing the overall cost of running the government to 2008 levels.
The article also said Republicans will try to change or eliminate portions of the health care legislation by relying on tools such as the Congressional Review Act of 1996, a little-used statute that allows Congress to overturn a regulation before it takes effect by passing a "resolution of disapproval" in both chambers. However, the measure can be vetoed.
With these anti-consumer policies, things could get even worse for baby boomer consumers.
It’s important during these shifting political times for boomer to act and work for policies that will help consumers and the environment.
If you don’t belong to a consumer group, consider joining Public Citizen. Or check the U.S. PIRG website to find the public interest research group in your state. Or join an environmental organization to make a difference. For example, over the next two years, among the actions Earthjustice will take includes:
- Push the Environmental Protection Agency forward and defend its actions in finalizing new rules that will clean up or retire hundreds of dirty coal-fired power plants across the country.
- Force public disclosure about and seek better health-based controls on toxic chemicals we are exposed to every day.
It’s up to you to make sure elected officials develop the most effective public policies for consumers that are possible. Don’t let the corporate interests tell Congress what to do. Take action today.
