Once again, politicians in our nation’s capital failed to beat the free market by setting price controls. This should come as no surprise. Historically, government price-setting has never resulted in any tangible benefit for American consumers—the very people it’s intended to help. Anyone who lived through the gas shortages of the 1970s or who heard stories about food rationing from their grandparents can tell you that.
Yet, politicians are still going strong pushing this policy. The latest attempt at price controls is the Durbin Amendment, which was part of the 2010 Dodd-Frank Act, which capped the interchange fees banks charge for processing debit card transactions.