Keeping with today’s Shopfloor.org theme of over-regulation, here’s a column in today’s New York Post by Ted Frank, adjunct fellow at the Manhattan Institute Center for Legal Policy and editor of its web magazine, PointofLaw.com.
When new laws and regulations limit the circumstances when banks can charge fees, they have to make their money in other ways. My bank used to offer me free no-minimum-balance checking — but now wants to charge me $15 a month for the privilege.
To avoid the fee, I have to take thousands of dollars I would have invested in the stock market or spent on vacations and hold it in a minimum balance. The “consumer protection” has made me — and millions like me — worse off.
More at Point of Law, “The hidden taxes of the 111th Congress’s regulatory spree.”
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