Yes, regulations on 'swipe fees' should be even tougher

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  • John C. C. Payson, UT
    Oct. 14, 2012 11:14 a.m.

    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.

  • Eric Samuelsen Provo, UT
    Oct. 14, 2012 10:57 a.m.

    Easy solution: outlaw swipe fees. Done. They hurt small business, and allow big rich banks to get bigger and richer. So outlaw 'em.