Dodd-Frank Financial Regulatory Reform Bill

The Dodd-Frank -- Chris Dodd, Barney Frank -- financial regulatory reform bill, which supposedly was a consumer protection bill, to make sure that these Wall Street titans and these big banks weren't able to continue screwing everybody. Congress i.e. the Democrats passed the Financial Regulatory Reform Act, which imposes all kinds of new charges and taxes on banks. At the same time it forces them to reduce other charges.

Congress decided to run elements of the banking business. One of the things that they mandated in Dodd-Frank was a reduction in transaction fees from 44¢ to 24¢ every time a credit card's swiped.

The real culprit is Senator Dick Durbin. Durbin had an amendment that he added to the bill. His amendment is why Bank of America instituted the $5 charge for debit card use.  His amendment told forced banks to reduce the fees they charged businesses to process debit card transactions.

Then Durbin goes to the floor of the US Senate on Monday and urges Bank of America customers to stop doing business! "Get outta that bank! Go to a smaller community bank where they're not charging you these fees and ripping you off."  That is irresponsibility and could be tortuous interference. It could be illegal if done by anybody else.

The Senators who haven't the slightest clue what goes on in a free market pass a bill. Then Durbin goes to the floor of the Senate and he wants to be the hero, and he wants to tell you these banks are screwing you and they're trying to defy our consumer protection efforts and our wonderful financial regulatory reform bill, and his solution is to actually tell you to leave Bank of America, which could cause a run on that bank -- and if you doubt me check Chuck Schumer and the IndyMac bank out in California.

When asked about it by George Stephanopoulos, Barack Obama said that it was stuff like this called for the Consumer Financial Protection Bureau.  Obama uses Dodd-Frank to create chaos in the banking business, and that chaos then you use as a reason to create a new bureaucracy to regulate, control, and do damage to the banking business.

The idiots running America don't have a clue about the real world on Main Street.

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