Real LI

Over the years, banks, lenders and other financial institutions have come up with fees they can charge consumers -- from using competitors’ ATMs to processing loan applications.

Now, the financial institutions themselves might be charged a fee – a sort of bailout levy, suggested by New York’s own Sen. Charles Schumer.

Yesterday, at a hearing on the $700-billion bailout for financial and lending institutions, the Democrat proposed charging the firms fees that would defray the cost of the rescue and also bankroll a sort of insurance system for the financial markets. Schumer, who’s been working on the bill as chair of Congress’ Joint Economic Committee, compared the insurance account to the FDIC’s deposit insurance fund.

First, take a look at his news release on the topic. Then read his speech during yesterday’s hearing on the emergency bill.