The other two words that are most terrifying are Dick Durbin…at least to consumers, small businesses and small financial institutions.
The Fix Was Control
Passed as part of the Dodd-Frank financial reform legislation in 2010, an amendment inserted into the bill by Illinois Sen. Dick Durbin required the Federal Reserve to set prices on fees charged to retailers for debit card processing—establishing price caps on debit interchange fees. The move was the culmination of a lobbying campaign championed by Fortune 500 companies like WalMart. They claimed that a reduction in these fees would be passed along to consumer in the form of lower prices. That, of course, never happened.. A study from the George Mason University law school determined that retail prices didn’t drop after the law passed.