While I agree that Congress spends too much time on bad legislation, this is simply a money grab by the banks. Flush with cash and used to screwing us over 100 ways to sundown, they lost out on one source of money and simply added a new source.
I still say no one made them do this and there is no need for it except that they can do it and greed. Blaming our bought and paid for Congress, is getting a little old. We are being run by the banks and their never ending search for more cash and fees. Break up these monster “too big to fail” and end this madness.
I don’t have any problem with breaking them up, although I have seen some people try to argue that we need to adopt the Canadian system, which actually is the exact opposite of that philosophy. They basically have gone with a system that has just 5 giant banks, so that there is no competition. When the economy goes bad, the banks could care less. They have no meaningful competition.
I still maintain, though, that this has nothing to do with that. It’s all about Congress deciding to impose another useless but expensive layer of regulation on the banks because the last one did not work. Regulation costs money, and whether we have big banks or small, they are going to pass those costs on to the consumer.