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Institute for Liberty: How The Durbin Amendment Costs Consumers Billions

| Daily Caller

Over a century ago, politician Simon Cameron famously quipped, “An honest politician is one who, when he is bought, will stay bought.”  He could have been referring to congressional efforts to impose price controls on credit card transaction fees.

Senator Dick Durbin (D-IL) is the author of the infamous amendment bearing his name to the Dodd-Frank financial reform bill.  The stated purpose of the amendment to assist Fortune 500 retailers who complained about the costs of processing debit and credit cards.  From the Senate floor, no less, Durbin recalled how the CEO of Walgreens convinced him to offer the amendment.


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