Regulating credit card fees is just the latest thing politicians think is helpful. And it’s not just happening in one state, it’s a growing trend.
Some states are already debating swipe fee bans, and now Congress is getting in on the action too. Senators Dick Durbin and Roger Marshall are pushing their so-called “Credit Card Competition Act,” which sounds great until you realize it’s Washington’s version of the same bad idea.
There’s a new push across the country to cap or outright ban interchange fees on certain parts of a transaction, like sales tax and tips. It’s being sold as pro-small business, a way to stick it to the big banks and save us all a little money. I’ve been down this road. I run small businesses in the real world, not a think tank. The truth is this is not the win they say it is.
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