New Fed rule will increase your banking fees

(Minority Business Development Agency) – As the national director at the Minority Business Development Agency, located within the U.S. Department of Commerce, one of my primary concerns was creating conditions for the economic success of all Americans, including those in underrepresented communities. Recent statistics from the Office of Business Advocacy at the Small Business Administration, found over 3 million Black-owned businesses employ 1.2 million people. Being part of America’s economic engine and taking part in the American Dream is critical for a better future for all. But this success did not happen overnight and cannot occur if policymakers in Washington, D.C. don’t promote economic policies that encourage our entrepreneurial spirit. That’s why a recent proposal by the Federal Reserve is such a concern, as it empowers the largest corporations in the world and does little to benefit America’s small business owners. Related Stories In a March 5 letter to the Fed, a 38-member congressional coalition sounded this alarm. The issue centers on the Fed doubling down on its 2011 price cap of debit card swipe fees. Essentially, in 2011, Congress instructed the Fed to artificially lower the fees businesses pay to banks when consumers use debit cards at their stores....