Feb 13 2011
The Debit Card Rule
(2 votes, average: 4.50 out of 5)The Federal Reserve in December proposed new restrictions on debit card transactions that cap swipe fees at 7 – 12 cents. This represents an almost 84% cut in the current average. At the time of the announcement stocks in the major debit card processors Visa and MasterCard plummeted. Shocker, who would think that the Government meddling would cause problems in the market. This is an attempt by the Federal Reserve to impose price caps in our “free market” system. In a Capitalist and free market system competition and the consumer set prices on services and commodities not an over reaching Federal Government. Price caps, subsidies, excessive taxes, tariffs or any other form of Government price setting or regulations always causes havoc in a free market. The market and economy needs to be left alone and to itself. The less government regulates and meddles the more prosperous an economy. It’s simple.
If you appose the Debit Card Rules and you want to tell your Senator and Representative go to http://www.dontmakeuspay.org/ and fill out the email form.
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