A Lobby Off!

Most of my friends have written off congress as doing the work that can’t be influenced by citizens is purchased by lobbyists.

Interesting NPR story this morning shows a giant battle is about to take place in DC.

One side, the bankers, who get fees for every time you use your credit and debit cards.

The other side is the retailers that currently pay a small fee of each thing they sell to Visa, Mastercard or insert your own mega bank.

We have two giant industries lobbying against each other here. Winner gets ~$16 billion a year. The best part? Local mom and pop businesses will see the most savings here (assuming that the fees actually do go down and the credit industry doesn’t find a new mandatory fee structure).

What does this do for Square?

They even have a ‘pro swipe reform’ commercial (and it is pretty good).

How did this *massive* win for retailers get into the law at the last minute?

  • My preference: Consumer pays the cost of payment at the time of payment. Seems like straightforward capitalism in action. Which, of course, means it will never happen.

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