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Durbin: Let’s Nationalize Card Processing Under the "FRAC" Act

Durbin: Let’s Nationalize Card Processing Under the "FRAC" Act

Senator Dick Durbin is at the forefront of the crackdown on the outrageous credit card processing rates.  He is proposing new legislation to curb the rising cost of credit card processing.  Durbin’s chief of staff said, “Everyday our office gets countless complaints from small merchants about their high rates.  They demand something be done.  Durbin apparently has solution.   We’ll just nationalize card processing under the FRAC Act.” 

Apparently,  the Durbin Amendment was not enough.    What would a full scale nationalization of the credit card processing industry look like?   “We’re looking at a 1% fee to cover the ...


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