Campaign for Liberty has joined an “open letter” to Chairman of the House Financial Services Committee Jeb Hensarling requesting repeal of the “Durbin Amendment.” This amendment, named after its sponsor Illinois Senator Dick Durbin, and part of the Dodd-Frank bill, limits “interchange fees,” which are the fees banks and credit unions charge businesses for processing credit card transactions.
Sounds boring? It’s ok you can admit it. I hear you yawing. Or are you asking yourself: “Who cares about a fight between big retailers and big banks?” Well you should care since the costs of these price controls are born by consumers who are faced with fewer services and/or higher fees from their financial institutions.