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Bill Intro'd to Help You Move Your Money

October 6, 2011 - by Donny Shaw

As big, taxpayer-supported banks jack up fees on their customers, Rep. Brad Miller [D, NC-13] has introduced legislation to ensure that customers can easily close their accounts and mover their money elsewhere. The bill, titled the Freedom and Mobility in Mobile Banking Act, would require banks to allow customers to close their accounts at any time and help them transfer their direct deposits and automatic bill-pay settings to a new bank.

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A strange thing happened in the Senate last week. After years of rejecting the House's attempt to pass the "Interstate Recognition of Notarizations Act" that would force states to accept out-of-state notarizations of documents, including electronic notarizations, the bill was suddenly discharged from committee, called up on the Senate floor, and quickly passed under unanimous consent. Even the bill's sponsor, Rep. Robert Aderholt [R, AL-4], said that he was "surprised that it came through at the eleventh hour." Nobody expected the bill to come up for Senate passage, but since it seemed innocuous enough and because senators were itching to get out of D.C. and hit the campaign trails, they passed it without any debate or dissent.

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