Why Consumers Should Hate the Durbin Amendment

As a general rule it’s probably pretty wise to “hate” any piece of legislation Dick Durbin is behind.

(From FEE)

One of the latest price-fixing crusades occurred as part of the Dodd-Frank Financial Reform bill passed by Congress in 2010. Control efforts are typically undertaken in the name of protecting the consumer. In reality, the so-called Dodd-Frank “Durbin Amendment,” which established government price caps on the fees retailers are charged when a customer uses a debit card, was enacted for the sole purpose of reducing costs on Fortune 500 corporations. With Dodd-Frank reform on the horizon, this amendment should be the first one to go.

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