Commentary: Andrew F. Quinlan - The folly of credit card price controls
Andrew F. Quinlan
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The popularity of COVID relief has provided an excuse for Congress to pass items with tenuous connections, at best, to the pandemic, but that have long populated liberal wish lists. Even after the passage of the $1.9 trillion so-called stimulus, the trend is likely to continue. To the detriment of consumers, an expansion of debit card price controls to include credit cards may be next up on the list.
Over 10 years ago, the Dodd-Frank Wall Street Reform and Consumer Protection Act included the Durbin Amendment, which set a cap on the “swipe fees” retailers pay when a debit card is used in their stores. Looking back, we now have ample evidence to show that the caps have done what price controls always do: Backfired and harmed consumers.

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