The senator, [Richard Shelby (R., AL)] speaking at a hearing where Mr. Cordray defended the new watchdog’s early actions, pointed to a recently completed rule that requires companies such as Western Union Co. and Moneygram International Inc. to disclose the exchange rate and fees associated with wire transfers. (My emphasis.)
While Democrats on the panel applauded the agency for finishing a rule designed to protect consumers, Mr. Shelby said it will increase compliance costs and could leave consumers facing higher prices when sending cash overseas. Other GOP lawmakers also voiced concern about the bureau’s impact on credit markets and small businesses.
“The bureau’s own analysis reveals that compliance with this rule will require more than 7.6 million hours,” Mr. Shelby said.”
There seems to me no more proudly condescending a senator than Shelby and that is a tough competition to win. Here he puts forward the obvious, that doing more costs more without mentioning that he is suggesting the purchaser is better served by being ignorant of the price of what he or she is buying and what the shipping and handling charges are to be.
