Swipe Fees And The Trash Heap Of History

House Speaker Paul Ryan (R-WI) is determined to prevent politically toxic votes on the House floor.

Jeb Hensarling (R-TX) didn’t get the memo.  Read more at The Hill.

 

2 thoughts on “Swipe Fees And The Trash Heap Of History

  1. Glad to see some other industry (other than those ripacious insurers) is in Doug’s Crosshairs. Dodd-Frank however has more problems with or without Durblin Amendment.

    • Thanks, Jonathan. Agree that Dodd-Frank has some problems and that the banking industry has even bigger problems. We’re well into Year 8 of the zero-interest rate policy, something that can’t be good for bankers. My beef with the Durbin amendment is partly substantive (the Visa-MC mechanism sets fees banks charge, so that there is no competition among banks over these fees) but mostly political. Given all the other challenges Rs face, why in the world would House leaders would force their Members to walk the plank on this? The Durbin amendment repeal is one item on a tick list on page 5 of an 18-page outline of the Hensarling measure. It has nothing to do with Hensarling’s beefs with the broader Dodd-Frank law. It seems crazy to me that Rs would go there, but it seems crazy to me that we nominated Trump. So at least we’re consistently crazy.

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