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.
Policymakers and regulators have been diligently working to find solutions to stem the growing student loan debt burden but fail to address one of its root causes.
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