Wall Street's still trying to bleed us dry -- they want Americans to fork over another 14 billion dollars. The big banks are urging Congress to block a rule that will save small businesses and consumers billions: New regulations are about to go into effect to prevent banks from gouging merchants who accept debit cards -- and who are forced to pass the cost of bank-imposed debit fees on to consumers.
The change will save us billions -- and the banks think that's bad. They had the nerve to write to Congress to complain that the "proposal only allows a very limited return on each debit transaction, so limited that it would result in a 70-85 percent cut in revenue – a loss of revenue amounting to more than $14 billion."
This is rich: If we force them to stop squeezing Main Street, Wall Street will have less money to dole out (with interest) to Main Street.
If the Federal Reserve’s rule is not stopped, banks will have fewer resources available to make loans in their communities and will be faced with very difficult choices, including not issuing debit cards, raising other fees, eliminating staff, and limiting other services that customers have come to expect. This lost revenue would impair capital growth and reduce the ability of banks to make job-producing loans that support a growing economy.
Billions less for the banks means billions more for ordinary Americans. Will you sign our petition to Congress? Urge them not to cave to Wall Street's demands...yet again.