Some Republicans in Congress are balking at Democratic President Joe Biden’s announcement that special assessment fees will be levied on banks to cover the cost of the failure of Silicon Valley Bank and Signature Bank.
In response, Missouri U-S Senator Josh Hawley is co-sponsoring a bill that would bar banks from passing on the cost of those fees to their customers:
According to Hawley: “Working people in Missouri should not be paying for a bailout of California tech billionaires. It’s just that simple. But that’s what the Biden administration wants. They want to charge everybody with a checking account in the state of Missouri — which is every working person — new fees and taxes to pay for this bailout. There shouldn’t be a bailout, number one, but number two, my legislation would stop the banks from charging Missourians to pay for it.”
President Biden says, though, that taxpayers will NOT bear the costs.
Other Democrats say the president’s plan will help prevent a run on banks in other parts of the country.