This week we will find out who rules America: the US Government put in power by the people for the people, or the banking industry lobby and the Republican legislators they hold in their pocket.
Obama is meeting with bank industry leaders to once again ask them to conform to more appropriate consumer protections. The evil, vile bank lobby will attempt to argue they are too poor right now to ease up on fees and credit gouging. Why are they poor? Because of their own greedy lending practices but never mind that little inconvenience.
Even though many Democrats are on board with new consumer credit regulation they are not completely convinced they will get any bills passed. The banking industry has a way too powerful special interest lobby working to convince lawmakers they must protect the interest of the banks. It will be close regardless of which direction this takes and what’s at stake is more important than interest rates on credit cards. It’s a decision of who controls the future of the American economy, lawmakers for the consumers or bankers for well, the banks and wealthy bank investors.
Update: From the NY Times this morning:
“Having won some early skirmishes by teaming with Republican allies, the banks now appear to have the upper hand and may wind up killing — or at least substantially diluting — both pro-consumer measures.”