Bowing to competitive pressures, Bank of America yesterday scrapped plans to impose a monthly debit card fee. The proposed charge antagonized customers and provoked vitriol from politicians all too eager to deflect blame for the dumb regulations that prompted the fee in the first place. But as much as one …
Who said the 111th Congress has never accomplished anything? Today, major parts of the Credit Card Act of 2009 take effect. Enacted last May with great fanfare, the legislation restricts rate increases on existing balances, requires promotional rates to last at least six months, limits over-limit fees, mandates 45 days …
In 1979, Robert Schuettinger and Eamonn Butler wrote a book called “Forty Centuries of Wage and Price Controls,” detailing 4,000 years of disastrous attempts by government to control market prices. Tomorrow, the House Judiciary Committee will vote on adding a 41st century to that litany of failure. The target: credit …
