Check out the cajones on this guy, Dick Durbin.
First he crafts new federal regulations to cap the amount banks can charge retailers for swipe fees for processing debit cards.
Then the banks warn that this regulation will cost them millions, maybe even billions. And because businesses are in business to … make money … they will not just sit back and take it. This will force them to pass on the costs to the consumer.
Dick Durbin includes his amendment in the Dodd-Frank financial reform bill and it passes and becomes the law of the land.
Banks, such as Bank of America, announce that they will now start charging customers a fee for using their debit cards, thanks to Durbin’s financial regulations.
Then Dick Durbin gets up on the floor of the Senate and says, “Bank of America customers, vote with your feet … Get the heck out of that bank. Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day.” He adds, “What Bank of America has done is an outrage.”
An outrage? This is exactly what the industry warned about all along! What’s outrageous is the size of this guy’s gonads .. that he can impose these regulations and then blame the banks when they are forced to comply. Sheesh!
