Congressman calls for new bank law

Rep. Brad Miller

October 12, 2011 1:58:07 PM PDT
A North Carolina lawmaker is ramping up the pressure on big banks.

Representative Brad Miller introduced a bill in Congress this week he's calling the Freedom of Mobility in Consumer Banking Act.

The Democrat - who made an unannounced appearance at the Occupy Raleigh protest in the NC capital last weekend - says he wants to make it easier for consumers to break up with their banks.

"You oughta be able to walk into a bank and say you're the best deal for me - I wanna move my account here - they hand you the phone you close your account and they immediately send the funds you've got in that bank," Miller explained.

Miller says he showing his support for the national movement against Wall Street banks and what organizers of the Occupy Wall Street group call corporate greed.

Miller argues the fees and rules that come along with closing a bank account are keeping too many consumers from shopping around.

Critics say regulations of the type Miller is proposing are what causes banks to raise their fees in the first place.

Miller admits he'll have a tough time getting support for his proposal on Capitol Hill.

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