U.S. Sen. Bob Corker, R-Tenn., issued a statement today in response to the glut of new debit card fees by banks that have sparked widespread consumer outrage.
It can be basically be summed up in five words: “See, I told you so.”
Corker was a major opponent of the so-called Durbin amendment to the Dodd-Frank financial reform act that caps the amount of money banks can charge retailers every time customers pay for a purchase by swiping a debit card.
Banks from Regions Financial Corp. to Bank of America – and even First Tennessee – are now instituting new fees for debit card users.
Corker said: “Having warned about the consequences of flawed rules regulating debit card transactions, I’m not surprised banks are now charging new fees in response to the regulations. These fees are a predictable consequence of government price fixing. When governments engage in price fixing, the consumer always loses.”