A new video released by the Financial Services Committee asks viewers a simple question: Angry about rising debit card fees?
The video explains how the higher fees on consumers are the direct result of a regulation in the Dodd-Frank Act known as the Durbin amendment. The video also shows there were plenty of warnings that the Durbin amendment would, in fact, result in these higher banking fees. Clips show members of Congress, regulators and statements from organizations all warning that a likely result of the Dodd-Frank regulation would be — as Federal Reserve Chairman Ben Bernanke is seen saying in the video — “a charge for a debit card or something like that.”
The Durbin amendment was added to the Dodd-Frank Act during the House-Senate conference that wrote the final version of the bill. It was added without a single hearing or vote taking place in the House on the Durbin amendment and its ramifications.