Despite trying to cut costs for consumers and businesses, research has consistently shown the Durbin amendment denied consumers access to no-fee and low-fee financial services. Moreover, this denial disproportionately harmed minority and low-income communities, preventing them from accessing formal lines of credit. The proposal to lower and cap interchange fees for credit card transactions would exacerbate this harm on consumers, and it would also deny issuers the ability to make sizable investments that protect consumers from the growing threat of cybercrime and financial fraud.

Looking at the consequences of the Durbin amendment, it should be readily apparent that expanding its scope to cover credit card transactions is a step in the wrong direction for American consumers. Rather than expanding the scope of the Durbin amendment, it’s probably time for Congress to ditch the provision entirely.

This commentary is available in Real Clear Policy.