Beware whenever a politician shows up claiming to help you. So it is with Sen. Richard Durbin (D-Ill.), who led the charge to enrich his retail business buddies--you know, the folks who help fund his reelection campaigns--by capping debit card fees. Shock, shock, banks are now raising prices on consumers!
Bank of America, the nation’s biggest bank, said on Thursday that it planned to start charging customers a $5 monthly fee when they used their debit cards for purchases. It was just one of several new charges expected to hit consumers as new regulations crimp banks’ profits.
The most basic argument against Sen. Durbin's special interest lawmaking is simple principle: the government has no business setting banking fees. But added to that is the eminently practical evidence of the (presumably) unintended consequences. In an effort to help his big business friends like WalMart, Sen. Durbin has ended up sticking it to consumers across America.
Heck uva' job, Dick!