Friday, December 17, 2010

My Letter to the Wall Street Journal re: New Debit Card Rules

Subject: Re: New Debit Card Rules
Date: Fri, 17 Dec 2010 08:27:20 -0500

Re: New Debit Card Rules

Dear Sirs:
The new debit card rules are nothing more than price fixing by government, with all the adverse consequences ignored as a matter of course--fewer merchants able to accept debit cards; fewer bank customers who qualifiy for debit cards; fewer debit card sales; and lower merchant profits. But the bigger question is this: Where in the Constitution lies the power of Congress to intevene in the relationship between merchants and their banks? The commerce clause? If this is the answer, then it is turning the commerce clause on its head, for the commerce clause was intended by our Founders to ensure free markets among the states.

Patrick Barron

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