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Rep. Luis Gutierrez, (D-Ill.), on banks such as Bank of America raising debit card fees.
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And that's essentially the question that we're asking mr.
attorney general check it out.
Are the banks just.
Hanging up be they consumers in the depositors by their ankles shaken -- in just getting every nickel and dime out of their pockets that they can't.
So customers forced to pay out and now some house Democrats are putting the hammer down and Illinois congressman.
Luis Gutierrez says that Bank of America's claim the new regulations forced -- -- debit card fees simply not adding up.
Good congressman with me right now.
-- What do you make of Bank of America saying it it it it's these new laws and regulations.
That it and others will likely have to follow through.
With hiking fees on a variety of things debit card since the least of -- OK so let's take that put aside we're moment whether or not we should improve 700 billion dollars in TARP leave that to one fact they got -- The fact that they were down here begging for the money.
I remember secretary Paulson say they kinda screwed up congressman you're -- guess in Iraq we had a client.
That's congressman don't get what does then you know they should have sat less tac they think they know what that is one as confident as that police.
It's so here's what they did after we'd been -- them how we beat I mean they're pretty healthy I mean their books are now you know -- capitalized again there isn't right.
Don't know that I money Bank of America LT congress and your point as well grounded up Iraq big big capital and -- money.
But what I I wouldn't say -- -- -- says that it's another good things that He thanks a -- America is an extra -- dollar bill every time you wanna use your money on the democratic.
All right but if they are I look at it.
Hello it's a -- point -- I didn't really do that did the whole.
Ballots back then and and then to comeback and and and claim poverty now -- was a that is -- it now you're right and I criticized -- under President Bush says I do now.
But having said that congressman.
Do you risk.
You know throwing out the baby with the bath water here -- other words let's say your rights and that these companies should.
The suck it up why do you think.
Did they simply can't what it.
There is another contagion that spreads beyond Europe -- Europe supposedly has its act together we'll see about that.
And it spreads the United States and just as -- spreading here on your your saying on you can't raise money this way then whether they did.
Okay we're not go well I'm happy that we pass the legislation is now when they charged the five dollars they got to tell you about it that's why we don't know the the new laws that transparency and number one.
Number -- that also allows consumers and we should make it very easy for them as they -- I really don't like that -- let me find another place.
So that we have a market system that really works.
And I think you know there has been understood aspect of of this whole Dodd-Frank -- I know you're big fan about this think it's to start we have.
But that is wondered if there's more transparency so you can see how this growing I'd do admire and it but I wanna raise this my theory on us congressman is that.
The banks are like the airline industry a few years ago they saw how much money they could make -- and -- you know.
Legroom duties.
-- -- -- going to the bathroom entities you know a blanket diesels don't.
OK let me underlie bright and now the banks this and then there's money -- being made.
Gouging people in the -- -- them so.
The airline said that was because.
All these requirements of federal edicts are -- that they had to do this to raise money and the banks are saying what -- no different than they are.
When He I know.
It's hit its agency blame the politicians right -- to the -- wanted to -- the inhumane is something of a convenient target I don't so let's blame us right because you wanna profits here and here thought Lansing.
And I I agree with congressman well in the sense that -- we want to do is look into it.
Because it's okay if they want I mean it's legal may not get -- through the for them to raise it but they can that.
In collusion with others.
Coordinate because that's equal to that is a -- -- -- -- that if Wells Fargo -- some of these others follow suit with a similar fees for debit card usage or when have it.
That would that reek of collusion -- -- or just.
They're making money that went -- where to look.
No we -- we have we have the industry memorandum that kind of that they let's all do that together that -- we're.
That's I think -- we have the memorandum we have the response from the banking and and I think and it looks like they were planning to do this together.
Look if you imitate bad behavior that's not exactly collusion it's bond you have a conspiracy.
-- very when the do it at the same time simultaneous right right.
I don't look at the doing that but I think it is a good time for us to look into it and all I say is look pick up Americans haven't been timing.
They're buying a ads and they're being more generous so -- here I mean they're just like.
Did -- and everything they -- -- -- this behaviors that there was such a great behavior.
I don't think they'd be apologizing quite as much as they aren't to their public relations apparatus.
Congress it's always good having you want you speak and my dad.
-- -- look talk I look forward to talking to be well my friend all right congressman Gutierrez.
