Government waste watchdog condemns actions by Senator Dick Durbin that could significantly harm consumers, credit unions, community banks, and the entire U.S. economy.
WASHINGTON DC — Citizens Against Government Waste (CAGW) has named Senator Dick Durbin as its November 2023 Porker of the Month due to his proposed legislation aimed at expanding the Durbin Amendment to credit cards.
The Durbin Amendment, led by Senator Durbin in 2010, enacted arbitrary price caps and routing mandates for debit card transactions. This restricted the ability of institutions to offer several checking and debit-related benefits to customers. This legislation served as a massive $145 billion transfer of wealth from consumers and small financial institutions to mega-retailers like Walmart and Target.
Senator Durbin’s new proposal seeks to extend some of those same restrictions to credit cards, eliminating benefits widely used by millions of consumers, including cash back and travel and loyalty reward programs, while also exposing consumers to less secure payment networks.
CAGW President Tom Schatz criticized the legislation, emphasizing that it could increase government control over a competitive market, harm the economy, and negatively impact consumers.
“Senator Durbin’s legislation would significantly increase the government’s control over a competitive and popular marketplace. If enacted into law, it would double down on harmful policies, damage the economy, and be a disaster for consumers. For trying to take away credit card benefits and rewards, Senator Durbin was an easy choice for this month’s Porker.” –CAGW President Tom Schatz
The Porker of the Month designation is awarded by CAGW to lawmakers or officials demonstrating a disregard for taxpayers, reflecting the organization’s commitment to eliminating waste and mismanagement in government.
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