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Thursday, May 20, 2010 2:45 PM UTC

Our ancient Senate: Ben Nelson has never used an ATM

The wealthy, cloistered old people in charge of writing consumer regulations have no idea how cash machines work

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Topics: Bank Reform, War Room, Ben Nelson, D-Neb., Chuck Grassley, R-Iowa, U.S. Senate,

Our ancient Senate: Ben Nelson has never used an ATMSen. Ben Nelson

Sen. Tom Harkin introduced an amendment to the finance reform bill capping ATM fees at 50 cents. But Harry Reid apparently decided that it wasn’t worth attempting to bring it to a vote.

This might help explain why the Senate’s leadership doesn’t consider it an issue worth addressing: None of these rich old people use ATMs. Sen. Ben Nelson, D-Neb, has never used one.

“I’ve never used an ATM, so I don’t know what the fees are,” Nelson said, adding that he gets his cash from bank tellers, just not automatic ones. “It’s true, I don’t know how to use one.

“But I could learn how to do it just like I’ve … I swipe to get my own gas, buy groceries. I know about the holograms.”

By “holograms,” Nelson clarified that he meant the bar codes on products read by automatic scanners in the checkout lanes at stores such as Lowe’s and Menard’s.

“I go and get my own seating assignment on an airplane,” Nelson said. “I mean, I’m not without some skills. I just haven’t had the need to use an ATM.”

That’s Ben Nelson, U.S. senator and grown-up. He knows about the holograms.

Sen. Mike Johanns, R-Neb, has used ATMs “five times or fewer in his life.” He is a member of the Senate Banking Committee!

And, asked if he ever used an ATM, crotchety old Chuck Grassley revealed that he doesn’t even know the basic principle behind them: “I’ve got a credit card, but I don’t use it for cash.”

(Oddly, Sen. Al Franken, who wrote a pretty great satirical book about running for president solely on the issue of ATM fees, is not leading the charge on this one.)

Alex Pareene

Alex Pareene writes about politics for Salon and is the author of "The Rude Guide to Mitt." Email him at apareene@salon.com and follow him on Twitter @pareene More Alex Pareene.

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After thirty years in which the principle that markets know best ruled economic policy-making in the United States, the great financial crisis of 2007-2008 brought the deregulatory era to a shrieking halt. The challenge now facing lawmakers and the Obama administration is whether they can craft a new set

of rules that will prevent an out-of-control Wall Street from dragging the entire global economy into the gutter once again.
But expectations for bank reform are low. The proposals being debated in Congress don't do enough to solve the problem of too-big-to-fail financial institutions, or to protect consumers. Even worse, to gain enough Republican votes to guarantee passage, Democrats will likely make compromises that further weaken the bill. Despite the greatest financial crisis in more than 70 years, the U.S. government still doesn't have much appetite for meaningful reform.
See also: Bank Bailouts, Ben Bernanke, Goldman Sachs, Mortgage Crisis, Timothy Geithner, U.S. Economy, Wall Street

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