On this fifth anniversary of the Dodd-Frank Act, I wish I was writing a congratulatory letter to all the regulatory agencies in Washington, D.C. for its successful implementation. Instead, I'm expressing the frustration of millions of working families who believe there is a lot of work still to be to done to rein in Wall Street excess.
When a nonviolent offender spends a decade or more of their life behind bars because of mandatory minimum sentencing, no one benefits. When those who have paid their debt to society cannot find housing or a job, the entire economy suffers. When a generation of young Americans advance through our prison system instead of our school system, our nation is weaker for it.
In a twist worthy of a Kafka novel, the national council of Actors Equity, the union of American stage actors, this week rammed through a proposal that would essentially rip the heart out of the Los Angeles theater scene, even though the proposal had been voted down by two-thirds of its Los Angeles voting membership.
We're not suggesting that everyone who gives retirement investment advice is taking advantage of their clients, since many advisers do act in their client's best interest. But, because the law does not require them to do so, far too many do not. That's why the President's recent action is so important.