Proving that some sort of economic sense can still be found in both parties, nine senators have signed onto the Debit Interchange Fee Study Act, which would delay the price controls imposed on debit transactions for two years. Sen. Jon Tester (D-Mont.) has said, “The stakes are simply too high to move forward with this rule […]
Tag archives for Durbin Amendment
Doing a little more research into the Durbin Amendment, which causes the power of the U.S. Government to intervene in a commercial dispute between merchants and banks, I found something remarkable: even the New York Times admits that this measure is a price control. The website of Sen. Richard Durbin (D-Ill.) includes a reprint of […]
The Wall Street Journal reports that the NAACP has joined the chorus of critics of the “Durbin Amendment” which directs the Fed to put price controls in place for debit-card fees.
“We are especially concerned about the potential impact the proposed rule could have on the ability of low- and moderate-income consum