If the government decides to reform the credit card industry, you may be able to celebrate by bringing a gun into Yellowstone National Park and firing some celebratory shots into the air.
A Wall Street Journal story highlights one potential amendment to credit card reform legislation, which could allow vendors to charge different prices depending on how you make your purchase. Under the Durbin-Bond amendment, if you pay with a credit card, you’ll also have to fork over the fee the business will have to pay for accepting your transaction that way. Pay by cash or debit card and you’d get a discount.
The American Bankers Association sent a letter to Senators yesterday to voice their opposition to the credit card reform act. Their big thing is they say the bill will make it so there’s less credit available, and it will cost consumers more. Definitely something worth bringing up when we interview Austan Goolsbee, senior economic adviser to Obama, in DC tomorrow. Here’s the letter: