ICBA: Don’t buy merchant groups’ latest Durbin argument

January 30, 2017 | The Hill

A Durbin do over is in the works, and that’s a good thing.

Back in 2010, the Durbin amendment, which caps fees on debit-card transactions, was snuck into Dodd-Frank at the 11th hour as a giveaway to the retail sector. Fast forward to 2017 and we see two things—retailers have pocketed the profits intended and promised to consumers, and Congress has an opportunity to right bad public policy in the form of price fixing.