Executive Director, Electronic Payments Coalition
Molly Wilkinson is executive director of the Electronic Payments Coalition. The Electronic Payments Coalition (EPC) includes credit unions, community banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe.
Policymakers in Washington regularly trigger the law of unintended consequences, hurting the very people they profess to help. A prime example is the Durbin Amendment, a last-minute addition to the Dodd-Frank Act that placed the Federal Reserve in charge of pricing debit-card transactions and established new rules for how those transactions are routed.
While small merchants are focused on interchange value and not cost, big box merchants and retail industry lobbyists are focused on something else: padding their bottom line by wrecking the free market.
Retailers are once again making the rounds on Capitol Hill this week asking for another handout from Congress. Despite their annual $8 billion windfall—a direct result of the last-minute Durbin Amendment to the Dodd-Frank Act—they are looking for even more money under the false pretense that consumers will benefit. It’s an empty promise, and we’ve […]
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