Senator Ignored Warnings from Consumer Advocates, Economists, Industry
WASHINGTON, Sept. 29, 2011 /PRNewswire/ -- Electronic Payments Coalition spokeswoman Trish Wexler issued the following statement today regarding Senator Dick Durbin's (D-IL) remarks on the unintended consequences of the "Durbin amendment" – a law that directed the Federal Reserve to institute government price controls on the debit card market, which will be implemented on October 1, 2011:
"It is astounding that Senator Durbin, who created today's chaos, is now trying to point the finger at everyone but himself for the widely predicted consumer harm. Senator Durbin has spent years pushing the agenda of giant retailers, while flatly ignoring repeated warnings by consumer advocates, economists, and the financial services industry about precisely this type of consequence. The truth is that Senator Durbin knew that banks and credit unions across the board would have to raise prices. Instead of heeding our warnings and protecting consumers, he chose to put millions of dollars into the pockets of giant retailers."
About the Electronic Payments Coalition
The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC's goal is to protect the value, innovation, convenience and competition in today's growing electronic payments system. EPC educates policymakers, consumers and the media on the system's role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.
SOURCE Electronic Payments Coalition
