GROVER: Dismantling overbearing financial reforms

Repeal is unlikely, but they can be taken down brick by brick

Question of the Day

Is it still considered bad form to talk politics during a social gathering?

View results

Two senators who voted for debit-interchange price controls in 2010, Republicans David Vitter of Louisiana and Michael D. Crapo of Idaho now oppose them. Urging consumers to call their congressmen would spur more to switch.

Five other senators who voted for the Durbin Amendment are not in the 112th Congress, thanks to vote results and retirement. All were replaced by free-market Republicans.

Other than plucky TCF Financial, banks didn’t try to engage consumers in lobbying Congress during debate over the legislation. Goliath banks were AWOL then but they cannot afford to be so again.

The time to fight for free markets in consumer financial services is now, before the CFPB and debit interchange price caps take root.

Eric Grover is a principal at Intrepid Ventures.

© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.

blog comments powered by Disqus
TWT Video Picks
You Might Also Like
  • Maureen McDonnell looks on as her husband, former Virginia Gov. Bob McDonnell, made a statement on Tuesday after the couple was indicted on corruption charges. (associated press)

    PRUDEN: Where have the big-time grifters gone?

  • This photo taken Jan. 9, 2014,  shows New Jersey Gov. Chris Christie gesturing as he answers a question during a news conference  at the Statehouse in Trenton.  Christie will propose extending the public school calendar and lengthening the school day in a speech he hopes will help him rebound from an apparent political payback scheme orchestrated by key aides. The early front-runner for the 2016 Republican presidential nomination will make a case Tuesday Jan. 14, 2014, that children who spend more time in school graduate better prepared academically, according to excerpts of his State of the State address obtained by The Associated Press. (AP Photo/Mel Evans)

    BRUCE: Bombastic arrogance or humble determination? Chris Christie’s choice

  • ** FILE ** Secretary of State Hillary Rodham testifies on Capitol Hill in Washington, Wednesday, Jan. 23, 2013, before the Senate Foreign Relations Committee hearing on the deadly September attack on the U.S. diplomatic mission in Benghazi, Libya, that killed Ambassador J. Chris Stevens and three other Americans. (AP Photo/Pablo Martinez Monsivais, File)

    PRUDEN: The question to haunt the West

  • Get Breaking Alerts