WASHINGTON - As Congress contemplates whether to pass a law regulating debit card interchange, a majority of economists and government officials attending a meeting on the subject agreed that there is no economic basis for the proposed regulatory change.
"The literature cannot even tell us whether a cap on debit card interchange will reduce or increase the numbers of debit cards," Todd Zywicki, a professor of law at the George Mason University School of Law told attendees of a June 9 conference on the topic.
"The principle of 'do no harm' would suggest that a more prudent course would be to more closely and rigorously study an issue before making such a decision."
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