October 3, 2011

Thank Dodd-Frank For Debit Card Fees

Editorial, Investor's Business Daily

Send to a Friend

Politics: Damned as an "outrage" in the press, Bank of America's just-announced $5 monthly fee for ATM use was a logical and predictable result of a Dodd- Frank financial bill that fixed prices. Guess who gets to pay for it?

Throwing their weight around at the height of the banking crisis, House Financial Services Chairman Barney Frank of Massachusetts and Sen. Chris Dodd of Connecticut vowed to stick it to banks. They blamed them for the mess to cover up the fact that they forced banks to lend to favored constituencies who could not repay.

The two Democrats pushed through the much-vaunted Wall Street Reform and Consumer Protection Act, which President Obama signed and touted as one of the signature accomplishments of his presidency.

That act, which included a...

Read Full Article ››

TAGGED: Dodd-Frank

RECOMMENDED ARTICLES

October 11, 2012
Dodd-Frank Vs. Rule of Law
Roger Koppl, National Center for Policy Analysis
October 10, 2012
In Post Dodd-Frank Derivatives World, 10/12 Matters
Hester Peirce, RCM
October 1, 2012
Dodd-Frank and the Debate
Nicole Gelinas, Washington Examiner
Neither presidential candidate has spoken much about the financial crisis or how to prevent another one. Yet the financial meltdown of four years ago still affects people's lives today. Americans struggle under bubble-era debt.... more »