Skip to content

Sorry, merchants, price controls aren’t free market

| Electronic Payments Coalition

In September, the House Financial Services Committee (HFSC) approved legislation that would repeal a Dodd-Frank provision called the Durbin Amendment that set limits on the fees some banks charge retailers to swipe debit cards.

In a frenzy of Orwellian doublespeak before and after this vote, Durbin Amendment supporters argued the provision is “free market” (it boosts competition!) and consumer friendly (it’s a vital part of U.S. antitrust law!). The majority of the HFSC didn’t fall for it.

Read more

Get the Latest Updates Delivered to Your Inbox

By submitting you agree to our Terms & Conditions