Download PDF
Julian Morris headshot

Senior Scholar

Before joining ICLE, Julian was Vice President of Research at Reason Foundation. Prior to that he was Executive Director of International Policy Network, a London-based think tank which he co-founded. Before that, he ran the environment and technology program at the Institute of Economic Affairs. He has also been a visiting professor in the Department of International Studies at the University of Buckingham (UK).

Financial Regulation

Payments & Payment Networks


Credit Card Competition Act


Sen. Richard Durbin’s (D-Ill.) amendment to 2010’s Dodd-Frank Act capped interchange fees on debit cards issued by large banks and required all debit-card issuers to permit routing of payments over multiple networks. Now, he and co-sponsor Roger Marshall  (R-Kan.) have introduced the Credit Card Competition Act, which would impose similar routing requirements on credit cards. With the bill having few prospects to move forward on its own, Durbin and Marshall hope to attach it as an amendment to the National Defense Authorization Act


As with the original Durbin Amendment, the mandate would benefit some competitors but won’t increase competition. Instead, by rigging markets, it will lead to higher costs, less security, and less innovation. Ultimately, consumers will be the losers.

Read the full explainer here