“Until someone comes to me and says they want the government to control the prices of their own products, I can’t take seriously their calls for the government to do it to someone else.” Despite all these facts, the Fed recently announced it is revisiting Reg II and will likely issue a rule to tighten government controls on debit services even further. On March 5, I introduced H.R. 7531, the Secure Payments Act, which directs the Federal Reserve Board of Governors to perform a thorough economic analysis of its proposed changes to Reg II before finalizing the rule. Specifically, the analysis must measure the impact on consumers, including access to affordable debit accounts and a review of the primary beneficiary of the interchange cap. The intent of this bill is simple: Let us understand the true effects this rule will have on everyday Americans before the Fed moves forward. Not only will that be beneficial to policymakers, but it is also the most basic requirement of responsible government. Not surprisingly, I’ve received some pushback on this bill. This is certainly not the first time someone who benefits from big government has been upset with me. However, regardless of the industry, I will always push back on government price setting and interference in negotiations between private entities. Until someone comes to me and says they want the government to control the prices of their own products, I can’t take seriously their calls for the government to do it to someone else. The Show-Me Banker Magazine | 9
RkJQdWJsaXNoZXIy ODQxMjUw