The Senate voted last week to impose new price controls on debit-card transaction fees. So in the name of helping small business, the world's greatest deliberative body is going to reduce the availability of credit to small business and low-income Americans. Genius.
The amendment to the financial reform bill was sponsored by Illinois Democrat Richard Durbin, and it passed 64-33 with 10 Democrats voting no. The amendment would have failed without the votes of 17 Senate Republicans who apparently want voters to conclude they're no different than Democrats. The Durbin provisions give the Federal Reserve the authority to determine what ...
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