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Banks Sway Bills To Aid Consumers


Banks may be down but they're certainly not out. Banks are busy working their political connections, making it more likely that legislative measures aimed at helping strapped homeowners and struggling credit-card customers will either be killed or seriously diluted, the New York Times reports.

From the New York Times (hat tip Sam Fingold):

    The banks have made it difficult for Congressional Democrats and the White House to give stretched homeowners a stronger hand in negotiating lower monthly payments on mortgages and to prevent credit card companies from imposing higher fees and interest rates.

    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.


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