Durbin Set to End Credit Card Rewards

From Stephen Moore’s Unleash Prosperity Hotline #903 – THANKSGIVING 2023 EDITION:

Republicans Have Been Duped by Durbin’s Bill To Impose Credit Card Price Controls 

One universal rule of economics is that government wage and price controls are ALWAYS a bad idea. CTUP senior fellow and University of Chicago ace economist Casey Mulligan in the Washington Examiner laments that so many Republicans who signed on to this awful price controls bill were tricked by Illinois Democrat Senator Dick Durbin:

Earlier versions of the act simply capped the credit card fee — an obvious price control. As explained in the Wall Street Journal, previous price controls like this have proven “a disaster for consumers [and] a windfall for mega-retailers like Walmart, Amazon and Target.”

But Durbin has convinced some Republicans to sign on to a new version of the bill by disguising the price control as a “routing mandate.” The mandate would allow merchants to select the network, rather than the issuer. Networks would have no choice but to cater to merchants, who would rather not grant consumer discounts. This would begin the death spiral for the reward programs and fraud protections that consumers love and have passed the market test.

We recently published a white paper on the dangers of credit card price controls. Click here to read it! 


Durbin Set to End Credit Card Rewards — 9 Comments

  1. Nothing says Illinois more than this asshole, that you’ve elected 5 X.

    Even after he called your military “Nazi’s” in 05, you moron’s re-elected him in a landslide.

  2. You have to be stupid beyond all belief to sign on to ANYTHING that smarmy smiling Sack of Durbin
    is promoting as “good” for Illinois.

    Those R’s that do, are known as traitorous RINO’s.

    I pray that I outlive both Durbin and Pritzker so I can 💩 on their graves.

  3. Stolen elections have consequences. Tricky Dick is a prime example of it.

  4. Triggered abe, would you like a tissue for those tears? Have you been burglarized lately loser?

  5. Cal you speak the truth about this.

    Ducky Durbin the AIPAC whore, once again.

    “For much of the 1980s and 1990s, AIPAC ran on the reputation that it had ousted Israel’s two most outspoken critics in Congress, Illinois Republicans Rep. Paul Findley in 1982 and Sen. Charles Percy in 1984. Findley wrote a book about it, “They Dare to Speak Out,” depicting the pro-Israel lobby as a gorgon that none but the brave would take on.”

    Excerpted from: https://www.jta.org/2022/08/15/politics/aipac-broke-spending-records-this-campaign-cycle-so-why-did-it-stay-out-of-ilhan-omars-tight-race

  6. Here is a bit of truth.

    You can oppose Israeli occupation in Gaza and the West Bank, and the current right wing Israeli government’s apartheid policies without hating Jews, just as you can oppose US government policy without hating Christians or other USAians.

    Hate is not a necessary part of political opposition.

  7. Turbin d gotta go ..#1 libtard ..once again thank a libtard voter.

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