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There were many deleterious policies in the Dodd-Frank Act of 2010, but not everything in it was bad. One policy in particular has led to positive results for almost all Americans. It’s called “open banking,” the idea that bank customers should control access to their own accounts. This has allowed millions of Americans to use financial apps to pay bills, make donations, and plan our finances.

The Trump Administration is hard at work rewriting some of the banking regulations, but they have come under intense pressure from Wall Street banks to roll back open banking. I wrote about this today at Breitbart.

Open banking gives consumers choices, with no hidden fees on these transactions. But rather than compete, big banks want to control—or impose a toll—when customers choose anyone but them. This year, the Consumer Financial Protection Bureau is rewriting the open banking rule, and it is under immense pressure from the big banks.

Some of these are the same banks that shut down Trump family accounts, persecuted conservative groups, and pushed the woke agenda. Now they’re pleading with the Trump Administration to let them charge hidden fees, making open banking less open and more expensive.

These costs will be passed directly on to customers—people with credit cards, checking accounts, or any other relationship with a big bank. Data tolls will lead to higher subscription prices, more service charges, and fewer free or low-cost financial services. Since these are tools Americans use to budget, save, and invest, this would be a double hit to the affordability agenda.

It’s particularly rich that some of the banking lobbyists are feigning belief in free market principles to defend this attack. They simply want less regulation, you see? The fact is that, in a highly regulated environment like banking, some regulations are necessary to promote a freer (never really free) market.

The nation’s big banks have enormous advantages, many created by government and supported by taxpayers. They have been bailed out, propped up, and otherwise privileged. Giant banks with loads of lawyers and lobbyists have little to fear from regulations that often squeeze out smaller firms and startups. Their tentacles reach through the economy and into the wallets of most Americans. And now they want more?

If these banks can set fees for access to accounts, they will gain immense leverage over smaller competitors. Startups won’t stand a chance without the blessing of the big banks. The result would be fewer choices, less competition, and higher prices.

You can read my whole article at Breitbart and see our television commercial at BanksVsAmerica.com.