Financial Crisis Commission Hearings Begin

Date: 13 Jan 2010 | posted in: Banking | 0 Facebooktwitterredditmail

Hearings held to investigate the crash of 1929 led to the passage of the Glass-Steagall Act, which fundamentally restructured the banking industry.  Can the FCIC hearings, which get underway today, help to bring it back? … Read More

Soaring Credit Card Transaction Fees Squeeze Independent Businesses

Date: 5 May 2009 | posted in: Banking, Retail | 8 Facebooktwitterredditmail

Independent businesses are largely at the mercy of Visa and MasterCard when it comes to the fees they must pay every time they swipe a credit card.  These fees, which are ultimately passed on to consumers in the form of higher prices, have soared from $27 billion in 2004 to $48 billion last year (or $427 per household). Recognizing the tremendous market power held by card processors, many countries now regulate credit card transaction fees, setting them at rates as low as one-sixth of what U.S. businesses pay.  … Read More

Financial Transaction Tax

Date: 24 Nov 2008 | posted in: Banking | 0 Facebooktwitterredditmail

financeThe delinking of money from place and productive investment is not the inevitable result of technological advances or economic evolution. Money is a human invention and rules that control its dynamic are also a human invention. To slow down the speculative and destablizing flow of money, John Maynard Keynes proposed a small financial transaactions tax in 1930.… Read More

Cal. City Uses Reserve Funds to Spur Local Business Development

Date: 4 Oct 2005 | posted in: Banking, Retail | 0 Facebooktwitterredditmail

In an effort to create more capital for local business loans and community development, the city of Santa Cruz, California, has shifted nearly $600,000 in city funds from U.S. treasuries and other securities to two locally owned financial institutions. Santa Cruz City Councilor Ryan Coonerty proposed the idea, which he says will bolster the local economy by keeping the city’s financial resources working locally. … Read More

Minnesota Should Ban ATM Surcharges

Date: 4 Nov 1999 | posted in: Banking | 0 Facebooktwitterredditmail

Inone of the most significant decisions of Tuesday’s election, San Francisco voters approved a ballot measure prohibiting automated teller machine (ATM) surcharges within the city. The vote marks a major victory in the growing effort to outlaw the fees. San Francisco will join the city of Santa Monica, Calif., and two states, Iowa and Connecticut, in prohibiting ATM surcharges. By Stacy Mitchell – originally published in Twin Cities Star Tribune, November 4, 1999

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