Monday, February 21, 2011

Banks Win Again: Fed Caves On Debit Card Fees

Banks Win Again: Fed Caves On Debit Card Fees - Home - The Daily Bail
"Maybe the other backdoor bailouts and subsidies aren't enough, but in any case the banks' army of lobbyists has the Fed reconsidering the limits it planned to impose on debit card fees paid by merchants. Remember, the Dodd-Frank Financical Reform bill had authorized the Fed to set such limits and prohibit the banks and credit card companies from gouging retailers and consumers with hidden or exorbitant fees. Notice that Dodd-Frank didn't set any limits in the bill itself, but thanks to the lobbying efforts by the financial industry, Congress passed that responsibility on to the most bank-friendly "regulator" in the history of the United States. That's right, the Fed. This was by design. The banks knew they could fight the battle on fees later on, out of the spotlight."

More bank bailouts.  Bet CBSNBCABCCNN didn't cover this story...

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