Dick Durbin Slams Bank Of America Over $5 Debit Card Fee

Dick Durbin Slams Bank Of America Over $5 Debit Card Fee

Yesterday, Bank Of America announced it would begin charging a $5 monthly fee for some BofA customers who use their debit cards to make purchases. Not surprisingly, this did not go over well with Illinois Senator Dick Durbin, one of the leading proponents of swipe-fee reform. [More]

Senator Durbin To Chase CEO: You're Already Gouging The Consumer, So Stop Complaining

Senator Durbin To Chase CEO: You're Already Gouging The Consumer, So Stop Complaining

The main reason that JPMorgan Chase and other big banks have given for things like $5 ATM fees and prohibitive caps on debit card purchases is a soon-to-be-enacted bit of legislation known as the Durbin Amendment, which limits the amount of money banks can make off of interchange fees, the amount they charge retailers for each debit card transaction. Chase CEO Jamie Dimon has called the laws “price fixing at its worst” and “downright idiotic.” Now Dick Durbin, the Illinois senator whose name graces the legislation, has come out swinging at Dimon, telling the bank exec to quit whining and enjoy being profitable. [More]

Senator Durbin On Toy Safety: "It Might Just Be A Good Christmas For Books Or Movies"

Senator Durbin On Toy Safety: "It Might Just Be A Good Christmas For Books Or Movies"

Senator Dick Durbin (D-IL) is the Chairman of the Appropriations Subcommittee on Financial Services and General Government, which recently held hearings about the state of toy safety in the U.S. What did Sen. Durbin take away from those hearings?

Liveblogging the Senate Commerce Committee Hearing On CPSC Reform

Liveblogging the Senate Commerce Committee Hearing On CPSC Reform

Both CPSC Commissioners are expected to testify, along with a slate of interest groups like U.S. PIRG, Consumer Federation of America, Safe Kids Worldwide, the National Association of Manufacturers, and the oddly named Global Supply Chain Policy Retail Industry Leaders Association.

Liveblogging The Senate Appropriations Subcommittee Hearing On Toy Safety

Liveblogging The Senate Appropriations Subcommittee Hearing On Toy Safety

Today is a big day for Senator Dick Durbin (D-IL). Starting at 11am, the Chairman of the powerful Appropriations Subcommittee on Financial Services and General Government will kick off a series of hearings examining the toy industry’s seemingly magnetic attraction to lead paint. Durbin, whose Subcommittee has jurisdiction over the Consumer Product Safety Commission’s budget, will grill toy industry representatives, consumer advocates, and members of the government over plans to protect America’s children from the dangers silently lurking on toy shelves by establishing an independent testing regime.