Congress

Congress: Cap ATM fees at 50 cents

By David Ellis

NEW YORK (CNNMoney.com) — As Congress debates the new rules of the road for the U.S. banking industry, some lawmakers have an ambitious proposal: They want to cut ATM fees.

Last week, a trio of Democratic senators led by Iowa’s Tom Harkin proposed capping automated teller machine fees at just 50 cents.

chart_atm.03.gif

Currently, banks and other ATM operators are free to charge consumers whatever they want for using their machine. And backers of the amendment maintain that those who tend feel the brunt of those fees are lower- and middle-income Americans, precisely those who can’t afford it.

Full Article Here:

Dodd Financial-Reform Bill Earns Praise From GOP—But Not Votes

Senate Banking Committee Chairman Christopher Dodd’s draft bill for sweeping financial reform will consolidate banking regulators, as well as create a systemic risk council and a new consumer watchdog agency within the Federal Reserve, according to a source familiar with the contents of the legislation scheduled to be unveiled Monday.

US  Sens. Christopher J. Dodd (right) and Bob Corker.
Orlando Sierra | AFP | Getty Images
US Sens. Christopher J. Dodd (right) and Bob Corker.

Senator Bob Corker (R-Tenn.) who’s been working with Dodd on a bipartisan bill for more than a month, told CNBC.com Sunday evening that he expected Dodd to “introduce a bill that will be to the left of where we were — close, but left.”

Corker called Dodd’s draft “a much better bill” than the one the Connecticut Democrat offered in November, but added “he knows that will be a bill I cannot support.”

“Hopefully we can offer some amendments in committee and get it back into the middle,” he said.

Continue Reading at CNBC

By: Albert Bozzo Senior Features Editor