By becoming the adviser of an independent watchdog whose job is to stand up for the financial interests of US consumers, the Harvard law professor has been directed to protect the interests of US citizens against practices pursued by American banks that had earlier led to, in one way or the other, the global financial crisis.

The other day I went through the online edition of Al-Eqtisadiah business daily and noticed a general debate about the greed and injustice of banks. Here, I draw readers’ attention to the highlights of the debate.

- It is obvious that all concerned agencies are supposed to give utmost significance to consumers. But consumers are helpless in front of a Saudi trader. The consumer enjoys protection neither from banks nor from traders. The banking regulator, the Saudi Arabian Monetary Agency, is in a dilemma as banks have been proceeding without restraint. As for traders, they have also not been subjected to stricter regulations.

- There are no rights for consumers. They have no voice either. The first and last word are left to the banks and traders. I believe that the citizen is responsible for this. He is not boycotting the banks and not even lodging a protest.

- A man is his own enemy. An intelligent man needs nobody to protect him. An individual must be protected from himself as well as his own attempts to lead a life beyond his financial capabilities.

- Service charges for real estate banking loans are almost double; is it not because of greed? Our banks are not investment firms in their nature. They are purely commercial, engaged in speculating with the wealth of depositors. Hence, taking out long-term real estate loans is a potentially huge danger.

- Put an end to the monopoly of banks, allow entry of foreign banks, and close the company created by banks to protect their interests.

In a nutshell, our banks have been earning huge profits even in the wake of the global financial crisis. They began their defiance by buying plots of lands and building state-of-the-art headquarters at prime locations in various cities and regions. At the same time, any sense of social responsibility has almost completely vanished. Hence, their social programs are disappearing.

At the same time, they are peeling off the skin of citizens and sucking their blood by imposing service charges for loans and credit cards. As far as SAMA is concerned, its problem is that it exercises multiple legislative, monitoring and judicial roles at the same time. This is impossible and contradictory also. Subsequently, it remains to expand the powers of banks at the expense of the citizen.

Even the United States, which is a capitalist state, is taking measures to protect its citizens from the hegemony of banks. We deserve more, and this can be achieved by enacting legislation and creating an impartial body to protect our citizens from the banks who hold sway over financial matters.

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