Price controls are never a good idea, yet they seem to be a staple of policymakers across the globe. Inevitably, they result in dislocations in the market that frustrate both consumers and producers. If prices are too low, shortages emerge leaving consumers in the cold and producers disinterested in serving that market. High prices create gluts, as unwanted goods sit on the shelves while producers are enticed to produce even more. So it should be no surprise that Sen. Dick Durbin’s (D-Ill.) attempt to control fees on debit cards has done little to help consumers, while the retailers who lobbied for the law are quietly pocketing billions. One study found that the Durbin Amendment transferred more than $8 billion from banks to retailers.
More Updates
How the “Credit Card Competition Act” Would End 250-Million Co-Branded Card in the U.S.
Electronic Payments Coalition
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General
Global Economics Group Releases Study of Impact of Durbin Interchange Fee Caps on Consumers
Business Wire
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Press Releases / Statements
Judge Agrees to Delay Ruling on Debit-Card Fees
Wall Street Journal
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Judge Leon’s Lawless Durbin Amendment Debit Card Decision
openmarket.org
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General