As early as next week, the House Financial Services Committee could vote on the Financial CHOICE Act, an important piece of legislation that will repeal and replace the job-killing Dodd-Frank Act. Written by free market champion Rep. Jeb Hensarling (R-TX), the bill is a major step forward toward reducing unnecessary and costly red-tape while reducing the risk of future TARP-style bailouts.
In addition to freeing up consumers and investors from the shackles of government micromanagement, the bill includes a provision to repeal the odious “Durbin Amendment,” another failed government experiment with the age-old quest to set price controls on goods and services.
When consumers use credit and debit cards, merchants like Walgreens and others have to pay a small “interchange fee,” which is essentially a small insurance policy that protects credit card companies in case consumers decide not to pay their bills. When retailers complained that the cost per swipe…
