Posted on 10/06/2011 12:54:03 AM PDT by Jet Jaguar
Treasury Secretary Tim Geithner joined with his colleagues on Tuesday and said that the Obama administration will prevail in the battle over banking reforms, reports CNN.
There are no surprises, nothing strange about the fact that banks are resisting it are pushing back, Geithner told CNNs Erin Burnett. They are trying to weaken those reforms.
Last year, lawmakers approved a law that put a cap on how much a bank is allowed to charge on debit card transactions. Some claim that this cap led Bank of America to recently switch to a $5 monthly charge.
Geithner reiterated his position against the banks.
We are going to push back harder, he said in the CNN Money report. And in the end, we are going to prevail because what we are doing is a reasonable, sensible thing.
The so-called Durbin Amendment, part of a larger Wall Street reform law,
(Excerpt) Read more at theblaze.com ...
ping
misdirection. these guys are in bed with the banks... the Fed most of all.
obama and Geithner tried and failed to control the big banks with TARP
the big banks like BoA bucked them and paid it back early
Now the battle is on again
Imagine the Treasury Secretary of the US threatening our banking system over $5 fees for service??? And the second senior senator - who passed this
“If it ain't broke break it” legislation - trying to incite a bank run over a $5 fee customers are free to walk away from?
Remind me again how many fees and taxes the feds place on airline tickets? On a gallon of gasoline?
Interesting. Thanks for posting. BUMP!
The left is DESTROYING EVERYTHING!!!!! EVERYTHING!!! Thanks all of you PURISTS who wouldn’t vote for McCain because you thought he was SO bad!!! OMG!
Hey Buddy...people work at banks, too...and you’re setting up for more of them to lose their jobs on top of the other millions.
And not just American banks. Foreign banks, too. Certain foreign banks, anyway.
Dexia already spent 2008 collecting a 6.4 billion bailout from the governments of Belgium, France and Luxembourg, and a $26.5 billion (19.9 billion) loan from the U.S. Federal Reserve's discount window.
Dexia May Be Left as Bad Bank as Governments Shun Injections
SNORT.
They have the Health Insurance industry by the balls, they have GM making green cars they cannot sell, no they are going after the banks.
It’s all about Government power and control.
They are only a tad more sneaky about it than Chavez ,but the end game is the same.
So sit on it and spin, Geithner -- you and the Reserve Jackwagon you rode in on.
they are corralling all the cash flow in the country to the FEDS.
Think of the FEDS acting as “collectors” to our creditors and it starts to make a little more sense.
I was at a credit card industry conference a few days after the Durbin Amendment was introduced in May of 2010.
The whole conference was in a panic about it, as Durbins stupid interference rendered the existing business models unworkable. Nobody had any idea how the card business would adjust.
One particularly egregious aspect of the Durbin Amendment was that it called for retailers to play different fees according to their size.
Durbin has no clue about the technical processing infrastructure that underlies the card system, and many were stunned about this tiered rate rule, which was seen to be an impossible nightmare in terms of the changes it would require to the electronic card processing infrastructure.
By the way, I dont make my living in the card industry. I was only there because I was doing a study of it for a client. But it was amazing to see an entire industry thrown into turmoil by a stupid law that served no purpose. People at the conference were really disturbed.
BTTT.
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