'Brace' Yourself: Wall Street Regulation Bill Snares Dentists, Doctors & Patients

The Democrats’ health care takeover didn’t stop with ObamaCare and there are some hurtful provisions in the new financial regulation bill Americans should know about if they have any expensive dental procedures coming up.

For millions of American teenagers braces are an embarrassing rite of passage, and for their parents, a tremendous cost. According to bracesinfo.com, the average prices of straightening a teenager’s teeth is about $5,400. In South Carolina, where themedian family income is approximately $45,000, the cost of braces for one child can total more than 10 percent of a parent’s gross income for the year.

Because braces are so expensive, many families pay for them through an installment agreement with their dentist. This is often a fair and affordable option that allows families to avoid charging the expense on their credit card and paying double-digit interest rates.

But the Democrats in Washington are clamping down on health care payment plans with the banking bill. As the bill is currently written, health care providers, or any other business that allows customers to make payments in more than four installments or assesses any kind of late fees, will be treated under the same terms as AIG, Freddie Mac and Goldman Sachs. A new Consumer Financial Protection Agency, housed in the Federal Reserve, will regulate their transactions and could subject them to further regulatory burden.

The banking regulation bill was supposed to crack down on Wall Street, but it’s just another power grab that’s going to hurt Main Street doctors, dentists and small-town businesses. And, certainly the families who struggle to find ways to pay for their doctor bills.

For many Americans who cannot go without a certain procedure, this bill will simply eliminate an affordable payment option and force those same individuals to put their bills on credit cards with high interest rates.

The banking bill, that runs more than 1,500 pages, is another massive, ill-advised piece of legislation being rushed through by the Democrats that’s full of unhappy surprises for the American people. Democrats have slapped the label of “reform” on this bill, but its contents don’t live up to the label. Punishing dentists and kids who need braces isn’t going to reform Wall Street one bit. In fact, it’s a good reason to oppose this bill.