MEGA-RETAILERS WIN BUT CONSUMERS PAY THE PRICE
In 2010, the Durbin Amendment (Durbin 1.0) imposed government price controls and routing mandates on debit cards. In the end, consumers lost big. Now, mega-retailers and their allies in Congress are trying to pass Durbin 2.0, which would enact similar routing mandates on credit cards.
Keep reading below to learn how Durbin 2.0 would result in consumers losing access to credit while retailers like Walmart, Target, and Home Depot would get a big government windfall.