In this week’s Heritage in Focus, regulatory fellow Diane Katz discusses a provision in the regulatory reform bill, also known as Dodd-Frank, that is leading banks to increase debit card fees. Listen here.
The provision, known as the “Durbin amendment,” limits the amount banks can charge retailers when consumers swipe their debit cards. As a result, Bank of America is set to start charging users $5 per month, while other banks are considering increased fees, as well.
How will this affect jobs and economic growth? Will it encourage people to switch to credit cards? If so, does that mean we’re encouraging people to take on more debt?
Listen to Diane discuss answers to those questions and more.
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