A representative of Merchants Payment Coalition responded to my recent blog post on credit card price controls, making several valid points in defense of proposed legislation aimed at limiting interchange fees. My answer to his criticisms:
First, Will disputes my statement that the bill is essentially a price control. To be sure, the Conyers-Cannon doesn’t actually set a hard cap on interchange fees, but when you read the bill’s language it is clear the legislation amounts to thinly veiled price controls. This is because the…
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