What a shame to see the incredible power of the banking lobby make Sen. Durbin blink on his debit card interchange amendment ["Durbin: Exemptions in Works for Prepaid Government Benefits Cards"]. I thought he possessed more fortitude.
Interchange is supposed to compensate for the expense of processing transactions. Many countries, including Australia and the UK, have recognized that the current rate of interchange is disproportionately high in relation to the processing cost it is supposed to…
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