Passed as part of the Dodd-Frank Act, the Durbin Amendment allows the government to set price controls on fees for debit card transactions. Before the Durbin Amendment, such fees were not capped, and issuers of debit cards, such as credit unions and banks, were encouraged by a competitive market to offer consumers benefits like reward programs and free checking accounts. Those days quickly faded as the days of Durbin ushered in a darker day for the consumer.
The Durbin Amendment must be repealed so that the consumers can once again enjoy the benefits of the free market.
Here are the top 5 reasons Durbin is failed policy and must be repealed.