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.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.