Regarding “FEC flags Wagner campaign for donations apparently in excess of federal limits” (Aug. 31): It is not surprising Rep. Ann Wagner received a $5,600 campaign contribution from the president of Wells Fargo Advisors. She certainly earned it. She fought hard in the House of Representatives for a bill that would be a great benefit to all the wealthy large banks and investment companies. She had a key role in the removal of the protections in the Dodd-Frank Act. These provisions protected individual investors from being gouged by financial institutions. That law required these companies to have a fiduciary relation with their clients. The companies were required to put clients' interests ahead of their own.
That all changed with great help from Wagner. The new bill removed those protections. Now brokers can sell products that are in their best interest even if they don't serve clients' interests. This will result in higher commissions. Over the long run, these companies could make billions of dollars more at their clients' expense. Rep. Wagner is very proud of what she did for her contributors. Her picture was in your newspaper, standing behind President Donald Trump, when this new legislation was signed into law. It was a great day for the financial institutions that made contributions to her. It was not such a good day for the clients of these companies.
John Davis • St. Charles County