ICLE on the Durbin Amendment

Americans for Tax Reform – ICLE research on payment markets and the effects of the Durbin amendment was cited in a coalition letter led by Americans for Tax Reform. You can read full piece here.

The mandates in the bill are so costly that more than $75 billion in rewards that consumers receive every year would largely disappear. According to the International Center for Law & Economics, “86% of credit cardholders have active rewards cards, including 77% of cardholders with a household income of less than $50,000.” The disappearance of rewards could also harm minority communities and small businesses.