Fox News opinion column: An important vote is coming
05/26/2011 08:36 am
The Fox News website has an opinion column from Phil Kerpen, vice president for policy at Americans for Prosperity, that looks at the Durbin amendment and the problems that could occur by setting a limit on interchange fees. The column that states right away "The Senate will have its first opportunity to undo – or at least delay – one of the most outrageous elements of the disastrous Dodd-Frank financial takeover legislation soon, perhaps as soon as this week." Kerpen makes the argument that free checking is going away from many financial institutions before the Durbin amendment or other parts of the Dodd-Frank bill are implemented. He writes that the amendment "was a giveaway to big box retailers who wanted to cut their debit card transaction costs not through negotiations in a free market, or choosing not to accept certain cards, but rather by turning to the federal government to shred their contracts with the payment networks and create a new price control regime."
The column lays out the situation and really aligns with the credit union point of view. Kerpen states that he feels the Durbin amendment and the entire Dodd-Frank bill should be repealed. He tells readers "Nevertheless, the Tester amendment vote will be Congress’s first chance to revisit one of Dodd-Frank’s most outrageous provisions. If you like your debit card and your free checking account, this is an important vote to watch."
To read the entire column, visit the
LSCU Press Room and look under the National Stories.