Orwellian?

Posted by Brian Patrick on

FYI – 

Obama Says He Can Stop Bank of America from Making 'a Certain Amount of Profit'
Fox Nation – The Hill
Peter Schroeder
October 10, 2011

President Obama joined fellow Democrats in blasting a new fee on debit card users announced by Bank of America, arguing that banks do not have an "inherent right" to a certain amount of profits.

The bank has come under a hail of criticism after it announced it would begin charging debit card users $5 a month, blaming the move on policymakers who curbed the amount of fees they could collect from retailers.

"You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated," he said in an interview with ABC News. "My hope is that you’re going to see a bunch of the banks saying to themselves, 'You know what, this is not good business practices.'"

"This is exactly why we need this [CFPB]," the president said. "We need somebody whose sole job it is to prevent stuff like this."
 





GOP Health Care Reforms

ERIC CANTOR

ABOUT ERIC

HOUSE SCHEDULE

NEWSROOM

MAKING LIFE WORK

CITIZEN COSPONSORS

CONTACT US

ERIC CANTOR