SENATE BILL: Fair Banking Act (Failed)

[TNF]

I have introduced this legislation to begin a thorough debate on the future of the banking sector in Atlasia. I understand concerns that have been presented and am willing to consider amendments to this legislation.

[TNF]

You must be logged in to read this quote.

[TNF]

This bill would effectively eliminate personal banking and would send even more poors to cheque cashing places. I can't see how I can vote for this.

How? It establishes the right of everyone to a free checking and savings account and to basic transactional credit.

[TNF]

You must be logged in to read this quote.

[TNF]

Aye

[TNF]

If this amendment fails, I have something cooked up that might resolve the bulk of our concerns here with regard to check cashing as a free service.

[TNF]

THe amendment has been defeated. You promised an alternative, TNF?

You must be logged in to read this quote.

I think this hits the possibility of services being retracted square on the head.

[TNF]

If you create a system withotu fees, it will naturally outcompete those that charge them. There is no need to prohibit the charging of fees by everyone else.

Forgot to remove that section.

Though I don't mind keeping it, as it would effectively outlaw payday lenders.

[TNF]

Isn't there a more narrow way of accomplishing that though?

I can always introduce an amendment removing Clause 5.

[TNF]

The post office is having trouble already with fulfilling its current duties, so if we do this we need to provide funding for it.

It's having trouble in Atlasia? I seem to remember legislation being passed when Marokai was in the Senate that addressed that. I wouldn't simply assume that the Postal Service was on rocky ground here as it is IRL.

[TNF]

If we have to implement a fee to offer check cashing services, I suppose I can stomach it, so long as it isn't too exorbitant.

[TNF]

If the Senate is finished with this, I am, too.

[TNF]

This bill has a lot of feel good things in it that simply are not practical in the real world. The Post Office bit can be salvaged into something workable that will not put them back into financial straits, which is what the current text would lead to, but forbidding credit card companies and others to charge transaction fees, ATM fees and the like will only put them in financial straits. Credit card companies make most of their revenue off fees, especially since Atlasia caps the interest rates they may charge consumers.

We could set a uniform ATM fee so one bank could not price set for all the others, but eliminating them entirely is will just encourage banks to stop using ATMs, and no one wants to go back in time. I'm for progress, not a return to the old days. Again, I understand what people want to do with this bill, but many are failing to understand the consequences of enacting such policies.

I *really* don't think credit card companies are going to close up shop if we don't allow them to charge fees. There's just too much money to be made otherwise. And if they do, so what? This bill establishes a public alternative in the form of the Internal Express system. Why do we need credit cards when we can offer the public basic transactional credit?

[TNF]

I'm willing to consider amendments with regard to interest rates.

[TNF]

Aye for the record

I think the way the final vote went down is bullsh**t, by the way, since I said I was open to amendments. But if the Senate wants to pander to payday lenders, so be it.

[TNF]

Well, this vote came along faster than I expected.

You're not the only one in that boat, Mr. President

[TNF]

I'll try and get one written up at some point today.