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A Letter from 13 Senators warning Mr. Bernanke of the potential consumer harm from interchange regulation.
Senator Durbin’s last-minute hand written notes added to his amendment.
In this study, “Credit Cards and Small Business: The Benefits, Opportunities and Policy Debate,” SBE Council Chief Economist Raymond J. Keating highlights key moments in the history of the credit card business, and notes how the modern system works. Keating looks at the “interchange fee,” and helps readers understand the economics of “two-sided markets.” He walks through the facts, the trends, the numbers, and the many benefits to small businesses.
The 2009 GAO study on interchange states that consumers could be harmed if Congress acts to lower what merchants pay to accept debit and credit.
The GAO reports that federal entities are taking actions to limit their interchange fees, but additional revenue collection cost savings may exist.
This statement outlines how the proposed rate for debit card interchange does not come close to covering all of the costs that a debit card issuer incurs, much less the value the issuer provides in performing the services from which merchants directly benefit.