Durbin Comments on Interchange

Richard Durbin says the Federal Reserve acted in a manner that did not follow the law he helped craft to lower interchange fees for debit card swipes.

The NRF.com site has a story on this piece:

https://nrf.com/news/durbin-says-fed-set-debit-swipe-cap-too-high-and-consumers-have-suffered

Here is a snippet from that piece:

“The amendment was carefully crafted and its purpose was clearly expressed,” Senate Majority Whip Richard Durbin, D-Ill., said. “Unfortunately, the Board’s final rulemaking failed to sufficiently follow the text and purpose of the law.”

“Because interchange fees are ultimately borne by consumers in the form of higher retail prices, consumers have suffered as a result,” Durbin said.

Happy Reading,

J.W. Gant