Yesterday, the Senate voted 64 to 33 to take another chunk of revenue from the credit card industry when it voted to force them to reduce fees for debit card transactions beneath those of credit cards. The "yes" votes claimed that they aimed to "ward off a repeat of the financial crisis," but we all know this was just another big government interventionist move. Amazingly, seventeen Republicans voted for the populist amendment patroned by Dick Durbin(!) and ten Democrats voted against it. It is truly amazing that after all that has happened this year, the Republican party still doesn't understand what small government means.
This amendment to the financial regulatory bill will not cut consumer costs at all. Retailers will simply pocket the profits from the extra percentages that congress shaves off. Worse than that, credit card companies will force consumers to pay more for their cards to offset their losses.
When will our elected officials stop tampering "on our behalf?"
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