WASHINGTON – U.S. Senator Bob Corker, R-Tenn., a vocal opponent of the “Durbin amendment” of the Dodd-Frank financial reform law which instructed the Federal Reserve to set an artificial limit on the price banks can charge retailers for their customers’ use of debit cards, said today he was “not surprised banks are now charging new fees in response to the regulations” and that the “fees are a predictable consequence of government price fixing.”
“Having warned about the consequences of flawed rules regulating debit card transactions, I’m not surprised banks are now charging new fees in response to the regulations. These fees are a predictable consequence of government price fixing. When governments engage in price fixing, the consumer always loses,” said Corker.