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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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Senate Rejects Delay of Swipe Fee Reform

June 9, 2011 - by Donny Shaw

The banking industry lost a vote on Capitol Hill yesterday for what seems like the first time since the first TARP attempt was rejected in 2008. The question was if the Federal Reserve's new rules limiting how much banks can charge retailers for debit transactions, as mandated by last year's financial regulatory overhaul bill, should go into effect this summer as scheduled or be delayed for a year, giving banks more time to lobby against it. In the end, a majority of the Senate voted in favor of the delay (54-45) but it wasn't enough to overcome a procedural hurdle and it was ultimately rejected.

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Yesterday I wrote about the Senate's latest attempt to actually do something about the unemployment crisis. Majority Leader Harry Reid [D, NV] called on the Senate to proceed to the bipartisan Economic Development Revitalization Act of 2011, which reauthorizes the Economic Development Administration to make grants to struggling communities for the purpose of creating and retaining jobs. Yesterday the Senate did something they rarely do these days -- they actually agreed to drop a pending filibuster and move to debate the bill by unanimous consent. That's progress, but here's the problem. The bill has already been loaded up with dozens of unrelated, controversial amendments, and if senators exercise their right to insist on holding votes on them, there is almost no way this non-controversial, bipartisan jobs bill will survive.

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