It's called the law of unintended consequences, except in this case the consequences should have been foreseen.
Bank of America and several other major banks announced last week they would be charging $5 a month in fees to people who use their debit cards to make purchases if they didn't maintain a minimum account balance.
This resulted from an amendment to the Dodd-Frank bill that limited the amount of money a bank could charge companies when a purchase was made with a debit card. The banks, which are in business to make a profit, predictably passed along the cost to their customers.
And now the politicians -- including Durbin -- are criticizing the banks. What did they expect? Do they live in an alternative universe? Yes, they do.
When government meddles in the private sector it gets results like this. It isn't the fault of the banks. Put the blame where it belongs: On liberal politicians. And then repeal it when Republicans take back control of government.
I'm Cal Thomas in Washington.
Publication date: October 4, 2011
