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Congress Needs to Fix America’s Broken Financial System

| Competitive Enterprise Institute

Whole forests have been cut down to print the books written about the financial crisis of 2007/8 and America’s response to it. Far fewer have been written on what’s wrong with the financial system now. Yet there’s a lot wrong with it. Despite historically low interest rates, banks aren’t lending to businesses or individuals, smaller and community banks have had to close or merge, low-income customers have seen free checking accounts disappear and their fees rise. The financial system is dysfunctional and not fit for purpose.


Pass a series of reforms preventing regulatory overreach in financial services. These include:

  • Repeal the Durbin Amendment that capped fees related to debit card use, which resulted in banks increasing other fees without the consumer getting any benefit in reduced store prices.

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