RE: Preserve Access to Your Own Financial Data & Your Retirement Savings Rights
This a copy of an email response to Bill Harris at Personal Capital concerning the proposed repeals of protections guaranteed by Dodd Frank and the Fiduciary Rule.
Dear Bill Harris,
Money is easy to manage, but only if you can see it.
In the last 4 years, I’ve taken a much more active role in managing my personal finances and investments. I spend time building budgets, researching investment vehicles, and calculating purchases. I’ve spent a lot of time reading and learning up on this process, which actually ends up being a lot of fun. Services like Personal Capital are vital in this process of creating responsible and smart finances by helping aggregate data from my many different accounts and services, from investments to bank accounts to credit cards.
It’s upsetting that this current administration would make a half-baked attempt at shattering this vital service and other protections. Access to my own data from third party services allows me to control my wealth in my own way. I can make informed decisions, invest in American businesses, and pay my debts responsibly, all by myself from the comfort of my home. The effort to repeal the crucial Dodd Frank laws, one of the few positive outcomes of the Great Recession, is an attack on Americans everywhere with an entrepreneurial attitude about their finances.
Access to my own data and the various other protections afforded by Dodd Frank are geared for consumers, not large financial institutions. It’s probably easier for my bank to not build and service an API, but it’s a service I rely on day-to-day. Thanks to Dodd Frank, great tools like Personal Capital exist.
My credit card terms and statements are much easier to understand, thanks to Dodd Frank.
My savings are safer because they cannot be involved in overly risky investments, thanks to Dodd Frank.
My future mortgages are less predatory, thanks to Dodd Frank.
My 401k will be working for me, as the investor, and not in some other backwards, shadowy manner, thanks to the upcoming Fiduciary Rule.
These are just a few simple things I use almost everyday, which would be influenced if the administration were allowed to irresponsibility strip these important rules away; all because it somewhat inconveniences some “friends” of the President.
I hope we can come together show these protections are crucial to everyday Americans looking to be financially stable. This hasty repeal is an attempt to wrest control away from consumers and put it in the abusive hands of financial institutions.
Thanks for your time and I look forward to seeing a good outcome in this matter!
Stamford, CT 06907
Citizen in the 4th Congressional district of Connecticut