Why the Harmful Durbin Amendment Has to Go

Source AdobeStock

The Devil’s Tower will no longer be experiencing close encounters – at least of the cash transaction kind. Recently, the Wyoming national monument, known for being heavily featured in Steven Spielberg’s 1977 “Close Encounters of the Third Kind,” announced that it would be going fully cashless. For the National Park Service, this decision is surely the right one. Electronic payments will reduce the park’s administrative burden, bolster security and increase revenues.

In addition to the benefits being reaped by the Park Service and other merchants, electronic and digital banking also have great potential for bringing unbanked and underbanked Americans into the banking system. While banking remains a universal concept, it is, unfortunately, not yet ubiquitous and some legislative barriers need to be removed.