“He works for
the People of Illinois”
Republican for U. S. Senator
30 E. Huron Street
Chicago, IL 60611-4723
ATTENTION: ASSIGNMENT/DAYBOOK EDITORS
ANNOUNCEMENT OF NEWS CONFERENCE - TODAY
REPUBLICAN U. S. SENATE CANDIDATE ANDY MARTIN SAYS ATM FEES, LATE CHARGES ARE “OUT OF CONTROL” AND NEED FEDERAL OVERSIGHT
“THERE IS NO ‘FREE MARKET’ IN BANK AND LATE FEES,” MARTIN CHARGES
(CHICAGO)(February 3, 2008) Republican U. S. Senate candidate Andy Martin will hold an informal sidewalk news conference Sunday, February 3rd at 3:00 P.M. to announce his belief that recent ATM fee increases reflect an increasing monopolization of consumer transaction networks. He says the fee increases require a careful look by Congress.
“It is unfortunate that although we proclaim a ‘free market’ economy, in reality there are few, if any, free markets in the area of electronic transactions,” Martin will state.
“One of the basic pillars of economics has been ‘economies of scale.’ That is, the bigger enterprises and organizations become, the lower the cost of providing services and falling market prices. That theory is obviously not working in the area of ATM fees. Mechanization and electronic transfer networks are leading to higher, not lower fees. Likewise, the increasing expansion of the old AT&T into the ‘new’ AT&T has brought with it higher fees and charges for services? The price of a computer keeps falling, and the price of a cash advance at an ATM keeps rising. What gives?
“I worked for and was inspired by U. S. Senator Paul Douglas, who wrote most of our basic consumer protection laws. Banks were powerful then. But today they have become even more powerful, and increasingly exert a stranglehold over Congress.
“Overdraw a checking account? They smack you with $39 fee. Make a late payment? More $29-39 fees. These charges bear no relationship to economic reality or the cost of providing the service. They are examples of monopoly pricing. The banking industry has become a predator seeking to prey on helpless consumers. There is no free market. Likewise, when SBC operated local phone service in Illinois, late fees were modest; today AT&T has jacked them up and up.
“Banks are so powerful they got senator Hillary Clinton—in a Kerryesque turn of phrase—to admit in a recent debate that she voted for a bankruptcy reform law she hoped would be defeated. Banks forced through a bankruptcy ‘reform’ law that was engineered to prey on the most helpless in our society, victims of uninsured and unexpected medical bills. Bankers have become ghouls, not the warm and fuzzy organizations featured in their ads.”
Martin founded the Illinois Consumer Counsel in 1970. He styles himself as a “pro-consumer conservative,” willing to explore help for average citizens where our free markets are not working. Banking is such an industry he says.
NEWS CONFERENCE DETAILS:
WHO: U. S. Senate candidate Andy Martin
WHERE: Sidewalk news conference, 30 E. Huron St. (Wabash St. entrance) Chicago
WHEN: Sunday, February 3, 2008 3:00 P.M.
WHAT: Andy Martin says ATM fees, late charges must
be reviewed and limited by Congress
CONTACT: (312) 440-4124; Cell (917) 664-9329
© Copyright by Andy Martin 2008. Martin holds a B.S. in Economics and Juris Doctor degrees from the University of Illinois. See also AndyforUSSenator.blogspot.com; AndyforUSSenator.wordpress.com.