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]
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 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?
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.