Durbin’s Innovation Killer
Saturday, June 11, 2011
Filed under: Economic Policy, Government & Politics
The Durbin amendment would raise costs for consumers, increase fraud, and kill innovation. (Editor's Note: No wonder it was passed by the Senate...)  During the final debates on the massive Dodd-Frank financial regulation reform bill enacted by Congress last summer, Representative Jeb Hensarling (R-Texas) presciently observed that “there are probably three unintended consequences on every single page of this bill.” The unintended consequences of Dodd-Frank are perhaps best exemplified by the bill’s so-called “Durbin amendment,” a provision that places new regulations on both debit and credit cards, including punitive price controls on debit card interchange fees. read more |
