We urge you to give consumers a break by repealing price controls on banks and credit unions currently in place... [The Durbin Amendment] has given retailers billions in savings… Yet six months after its implementation, evidence shows that retailers have not passed along debit-card interchange-fee saving to consumers.Read the full letter.
Americans for Prosperity has accurately captured the views of all of us in the free-market movement: “The solution here is not more regulation or political demagoguery. The solution is the free market. Let banks, merchants, and payment card networks work out interchange fees in a system of free and voluntary exchange. Let consumers decide what products work best for them at what prices, and let competition and innovation (not politicians) drive them to the best products. Repealing the debit card interchange price caps entirely and getting the government out of the way is the only way to restore balance in this market."
Tuesday, June 12, 2012
Groups Urge Congress to Repeal Durbin Amendment
A letter from 18 groups—including the Competitive Enterprise Institute, Americans for Prosperity, and Americans for Tax Reform—opposing the price controls in the Durbin amendment wrote Congress to urge them to repeal of the Durbin amendment and resist similar mandates on retailers.