Theodore H. Frank on the new “consumer protection” laws:
Is your bank telling you it will no longer offer you free checking? Has the interest rate jumped on your credit card? You may be a victim of “consumer protection” — just like me, and just like the US economy.
The Obama-era Congress has been radically remaking the laws on relations between banks and their customers, culminating in the Dodd-Frank “financial reform” law. But what lawmakers did in the name of protecting consumers has made most of us worse off.
The Obama Democrats passed separate legislation on credit cards and the financial services industry. This is only a result. More trouble is coming. Here.