President Barack Obama wants to raise taxes on us in some way or the other.
His latest proposal to impose new fees on banks and mortgage companies, supposedly to finance more bureaucratic oversight, will surely be passed on to us consumers in the form of new and/or higher fees and charges.
A banking industry lobbyist claims:
We think that it’s outrageous to disproportionately and unevenly impose the cost of new regulation on the top banks… The largest banks … should not be forced by the government to . . . pay the larger share of the funding costs of the [consumer financial protection agency] and regulatory oversight.
It’s not as if the banks will absorb even a single dollar of Obama’s new fees. As it is banks are increasing their fees on us consumers. With more federal charges, they will have now a valid excuse to jack ‘em up further. Of course, corporate clients will see some charges increased, but the bulk of the money will come from us, as has always happened.
We already have the FDIC, FEC, SEC, Treasury Dept. and dozens of other government agencies who provide some sort of regulatory control over the banking industry. A cheaper proposal to increase oversight, if you were so inclined, would be to expand the responsibility of one of these agencies, cut costs and streamline the whole process.
Another bureaucratic federal agency solves nothing. It just adds another tax on our plate.
