Debit Card Cronyism

In the attached article Steve Forbes discusses the Durbin amendment and why Congress needs to get out of the way of commerce. (We can dream.)


“Retailers a few years ago successfully pushed Congress to slap price controls on these fees through the Durbin Amendment to the Dodd-Frank Wall Street reform bill. The Durbin Amendment, rushed through Congress with no debate, has muddied the marketplace by failing to deliver the promised benefits to consumers and small businesses in the form of lower prices, while increasing profits for the biggest retailers. Even the Federal Reserve Bank and a diverse coalition of groups sounded the warning bell that consumers would most likely face higher costs as a result of this Soviet-style effort to regulate fees.”

Click here for the article.