Durbin's Sparkling Interchange Fix Just Hides Legislative Substance
Interchange remains the topic du jour. Many pieces of this issue are puzzling, not the least of which is the process in which it came about. Namely, there wasn't one. The issue came up as an amendment in the 11th hour before Senate passage and was not debated nor did a hearing take place. Now the piece of legislation is heading to conference for further machinations that can only resemble something out of Upton Sinclair's The Jungle. Never mind the fact the financial services overhaul was intended to correct the problems that caused the financial meltdown to which interchange is entirely unrelated.
But, like a Christmas tree, pretty, shiny ornaments are tacked on to appease the onlookers (lawmakers). It's great if you're looking at a Christmas tree, but if it's just camouflaging the underlying substance, it's a problem.