Published: Sunday, Oct. 14 2012 12:00 a.m. MDT
Easy solution: outlaw swipe fees. Done. They hurt small business, and allow
big rich banks to get bigger and richer. So outlaw 'em.
This issue is a great opportunity for people to see why we need business
regulation: monopolies and other anti-competitive actions hurt our economy.
Without legal control, banks only have their guilty consciences to prevent them
from forcing all consumers to pay higher fees (other than boycotting credit
cards, that is).Guess which party wants to continue deregulating the
banking industry.From the National Democratic Platform: "put in
place consumer protections against hidden fees and penalties by credit card
companies and new rules to prevent another financial crisis."From the
Utah Democratic Platform: "We expect government regulators to do their jobs
and protect the American people."From the National Republican
Platform: "A Republican Congress and President will repeal the ...
[Dodd-Frank Act on financial services][which limits debit card swipe
fees]...."From The Utah Republican Platform: "Regulatory power
now exercised by the federal government must be eliminated or returned to state
and local governments."We Utah Republicans need to prove that we
actually support small businesses.
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