Swipe Fees And The Trash Heap Of History

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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.

 

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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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