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.
More Updates
CEI: Financial CHOICE Act Must Keep Durbin Repeal
National Review
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What Others Are Saying
NBCC: After 6 Years, Consequences Of The Durbin Amendment Are Evident
Forbes
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What Others Are Saying
Voters Agree: Get Government Out of Interchange, Repeal the Durbin Amendment
Electronic Payments Coalition
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