On May 10, 2010, the Durbin Amendment, a price control set by government bureaucrats on debit card transactions, was snuck into a massive financial services bill on behalf of special interest retailers. While retailers promised customers “savings” from the Durbin Amendment price controls, retailers have not lowered prices. Retailers have pocketed $42 billion from the Durbin Amendment, turning it into nothing more than a merchant markup that pads retailers’ bottom lines. Over five years later, consumers have lost debit card rewards and are paying higher prices at the register.
Enough is enough. It’s time to end the merchant markup and keep retailers from passing on their bills to you. Tell your legislator to support customers and small businesses and repeal the Durbin Amendment.
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