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Tuesday, October 4, 2011

Obama's auto-signature in action!

Hold on a second. Obama is against the new bank fees Bank of America is charging debit card customers, yet he signed the Dodd-Frank bill that incorporated Dick Durbin's "swipe fee" amendment? Ok I think I am confused. Barack Obama campaigned on going line by line through budgets and legislation, yet he is now against a fee that is in direct response to the legislation.
“It’s disappointing and puzzling that the President would attack a private corporation for responding to government price fixing that has fundamentally altered the economics of offering a debit card. As a direct result of the Durbin Amendment, consumers have started paying for financial services they previously enjoyed free of charge. Unfortunately, this proves that whenever government tries to control pricing of a product or service, consumers lose.” - American Bankers Association President Frank Keating


President Obama hits new bank card fee - Mackenzie WeingerIn full populist mode, President Barack Obama on Monday ripped Bank of America for its new $5-a-month debit card fee - and was met with a stinging counter-attack from American Bankers Association President Frank Keating.

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