Debit card price controls, a lesson in cronyism

By Phil Kerpen
Published April 06, 2012 | FoxNews.com

Six months ago, the Federal Reserve implemented price controls on debit card swipe fees under the Durbin Amendment, one of the many deeply misguided provisions of Dodd-Frank.

Proponents of the price controls insisted that the lower transaction fees would be passed on to customers in lower prices at the register, but six months of experience have shown that this experiment in regulatory intrusion has been all pain and no gain for consumers.

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