It’s time to get rid of the Durbin interchange amendment. The evidence that this last-minute addition to the Dodd-Frank Act has done little more than line the pockets of big-box retailers is clear, and mounting.
We know the amendment hasn’t helped American families. It’s been seven years since retailers promised consumers that they’d pay less at the checkout counter if Congress put price caps on debit card fees. Analysis of Federal Reserve data shows retailers have pocketed about $42 billion during this period, and shoppers are still waiting for those rollbacks.