October 13th, 2011
02:25 PM ET
11 years ago
Republicans: Repeal rule that spurred bank fees
Washington (CNNMoney) - House Republicans say there's a solution for the debit card fees from Bank of America and others that are ticking off customers: repeal the new regulation that the banks blame for needing the fees.
Several Republicans announced Thursday that will again try to get rid of the provision in the Wall Street reform law that blocked big banks from charging retailers more than 24 cents for processing a swiped debit card. That was a reduction from the previous average of 40 cents.
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It's not the regulation's fault, it is the banks' fault. De-regulation of Wall Street is not an option and the Republicans should just drop it. If anything, they should be just as strongly behind the new regulations – and more regulations – for the banks as the Democrats, but instead they want to roll back the clock and ignore the fact that our economy is in its current state precisely because of those banks and the fact that the Republicans are so fond of deregulation.
The state of our government and banking system is a nightmare. The quote Mayer Amschel Rothschild "If you control a countries money supply it's law do not matter." When we gave control of our monitary system to the Federal Reserve, we lost the Republic our Forefathers created and started down s slippery slope that will end with a country our Fathers would never regognize. Anyone who has tried to workwith BOA knows they follow their own rules and take little head of regulations.
It was a vintage Obama knee-jerk political reaction to public sentiment-of-the-week. Leadership by newspaper polls. Didn't make much sense then and we see why once it was implemented. Vintage Obama.