WASHINGTON — A former chairman of the President's Council of Economic Advisors under the Clinton Administration likened the proposed cap on debit interchange to "pushing paper mail over email."

Martin Baily is also a leading economist at the Brookings Institution, a Washington DC think tank. He made his comments at a Washington conference on the Federal Reserve's proposed debit interchange cap sponsored by Payments.com.

Baily told conference attendees that there were three reasons he and other economists had come to oppose the Federal Reserve's pending regulation, including that it is likely to lead more American consumers back to using checks.

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