Interchange Price Controls
The Durbin Amendment will benefit retailers and punish the financial sector by imposing price controls on interchange fees.
"Unless Congress acts to delay or repeal the Durbin Amendment, consumers, community banks, and credit unions will be getting a large lump of coal in their stockings by next December as the expenses of running an efficient payment card system are shifted almost entirely onto their shoulders. Consumers have already seen the costs of this rule through the loss of free checking as a result of banks’ anticipation of an estimated 60 to 80 percent loss of revenue from merchant fees. Moreover, the price controls and other provisions of the Durbin Amendment will like reduce investment and innovation to counter emerging hacking and security threats to the payment system."
A short video by CEI's Brian McGraw explains "the insanity of ethanol policy."
Watch the video here.