Proving that some sort of economic sense can still be found in both parties, nine senators have signed onto the Debit Interchange Fee Study Act, which would delay the price controls imposed on debit transactions for two years.
Sen. Jon Tester (D-Mont.) has said, “The stakes are simply too high to move forward with this rule without a closer look at the impact on consumers, credit unions, community banks, and the small businesses and jobs they sustain.”
Sen. Bob Corker (R-Tenn.) added, “The federal government shouldn’t be telling private companies what they can charge for goods and services; that’s price fixing, and that’s exactly what the Durbin amendment does.”
You can find a PDF version of the legislation at the office of Sen. Jon Tester (D-Mont.); you can also read it at the bill-tracking site Thomas. In addition to Tester and Corker, eight other senators have signed on. They are:
Tom Carper (D., Del.),
Chris Coons (D., Del.),
Ben Nelson (D., Neb.),
Tom Coburn (R-Okla.)
Jon Kyl (R., Ariz.),
Pat Roberts (R., Kan.),
Mike Lee (R., Utah),
John Thune (R-S. D.), and
Pat Toomey (R., Pa.).
There’s quite an interesting mix. They have approval ratings from the Club for Growth that range from to 2 percent (Coons) to 86 percent (Toomey). I don’t know the motivations that each of them have, but they’re on the right side of this issue-one small yet specific example of government interventionism that could have harmful effects on its putative beneficiaries.
[...] editorial supports a delay in the implementation of the Durbin Amendment, something I wrote about earlier, and would support. (Even better would be to scrap the [...]