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Well as we reported earlier this -- Bank of America planning to introduce a monthly fee for even the most basic checking accounts.
And let's say is you agree to -- bank online buy more products or maintain certain balances.
Now this all comes after the huge consumer backlash last year when it tried to implement a five dollar per month debit card -- We of course we're at the front of that outrage that forced Bank of America to reverse the decision.
So does the nation's second largest bank just hate their customers.
Or is there reason for the rising costs.
Well Bank of America and others blame the -- called Dodd-Frank.
Now this was the bank regulation lot written in the aftermath of the financial crisis the one that was supposed to save us from another financial crash.
You keep your money say.
But as is normally the case with red tape it's more of a mess than the solution check this out the original -- That set up America's banking system the very first one following the civil war was 29 pages long.
-- lot of created the Federal Reserve in 1913.
You two pages long and Glass-Steagall remember that the regulatory law that went into effect after the big stock market crash in 1929.
That was 37 pages.
Pages -- I don't think I'm going out on the limb here when I say in congress reads all this stuff.
By the way the math on this was done by the magazine called the economist.
The problem was this in officially Yale Law School says and I'm quoting here that law school -- -- person.
Was classically provide people with -- Dodd-Frank is not directed at people.
It is an outline directed at bureaucrats.
And it instructs them to make still more regulations and create more bureaucracies.
In other words Dodd-Frank is like the mother of all regulations because it will create a huge number.
Dodd Frank's authors said all of these regulations and bureaucracies and this is gonna be done in eighteen months.
Well we are eighteen months -- and were not done far from -- Now experts are saying the Dodd-Frank -- -- writing says it could taking decade to do all -- I don't feel any safer about my money that's for sure.
For starters the 400 rules the -- calls for only 93 of them have been written.
That's less than a quarter Dodd-Frank also called for 87 studies to be conducted within these eighteen months.
Only fifty have been completed.
And in an effort to stricter regulations is put a host of regulators in charge of the same thinks.
The result of this a bewildering.
Set of rules nobody knows who does what when it's -- confusing and ridiculous.
Now that's just the overarching problems with the law.
The Dodd-Frank isn't just governing from the margins is rules are so expensive.
And so specific -- everyone from hedge funds to manufacturers have to pay out.
Becomes point 73 page rule written in October -- -- turn into early nineteen page form.
Costing hedge funds upwards -- a 150000 dollars for just the first year it's implemented another 40000 each and every year after that.
Look I don't really sympathize with hedge funds but even this is over the top don't just think.
And Dodd-Frank doesn't stop of the door financial institutions.
Manufacturers will have to report.
-- will have to report information.
About stuff they buy overseas to the FCC and that costs them billions can you say government overreach.
And then of course there's the banks the big bad -- -- single handedly ruined our economy crush our spirit and sucked the life out of small business became overstating but.
That's really the government.
Because these banks will now have to fork over hundreds of millions of dollars annually.
And they're already making you and I pay for the -- with new -- is and I'm not just talking about the Bank of America.
Even supporters of the slot originally are now saying we need to start over come up with a simple plan.
I say you know it's -- it's just too hard for everybody in Washington.
Let's -- a lot of just works.
One the doesn't have loopholes big enough to drive a tractor trailer through -- -- doesn't make you and me taxpayers and consumers.
Responsible for paying for.
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