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The Myth of Consumer Protection Through Disclosure
I will focus my blog post on one of the proposals for reducing interchange fees: the requirement that the fees be disclosed to consumers. I am not sure how seriously this option is taken by the GAO report. Indeed, the report concedes that mandated disclosures in this context are not very likely to be effective, ... The Myth of Consumer Protection Through Disclosure
Regulating Interchange Fees will Promote Term Repricing that will be Harmful to Consumers and Competition
Although the mechanisms vary, legislation pending before Congress on interchange has a basic central purpose—to reduce interchange fees, either indirectly or directly. If adopted, these efforts will likely succeed in their intended goal of reducing interchange fees. But they will also likely have substantial unintended consequences that will prove harmful to consumers and competition and ... Regulating Interchange Fees will Promote Term Repricing that will be Harmful to Consumers and Competition
What happened in Australia?
What happens when you take a key price in an industry and cut it in half? For normal markets economists would expect that this would have a dramatic effect on quantity. That, however, was not the experience in Australia when the Reserve Bank of Australian (RBA) used new powers in 2003 to move Visa and ... What happened in Australia?
The Economics of Payment Cards: Six Lessons from the Literature
The proliferation of payment cards has dramatically changed the ways we shop and merchants sell goods and services. Today, payment cards are indispensable. Recent payment surveys also indicate that consumers are using payment cards instead of cash and checks. Some merchants have started to accept only card payments for safety and convenience reasons. For example, ... The Economics of Payment Cards: Six Lessons from the Literature
Interchange Fees Are Not Rising: Correcting the GAO Report
Next summer, the World Cup, the world’s most watched sporting event, marks its quadrennial return. Although thirty-two teams will compete in South Africa, the list of favorites begins with the two teams that have won half of the previous eighteen tournaments and three of the last four—Brazil and Italy. Brazil plays an open and flowing ... Interchange Fees Are Not Rising: Correcting the GAO Report
Credit Cards in Context: Framing the Discussion
While the GAO report provides a useful summary of many of the issues being debated within the credit card community, the GAO’s mandate was, in some ways, rather narrow. The GAO was asked to “review (1) how the fees merchants pay have changed over time and the factors affecting the competitiveness of the credit card ... Credit Cards in Context: Framing the Discussion
Seven Truths About Regulating Interchange
Interchange fees on payment cards are obviously a hot topic in the United States, but also in Europe and in many other countries around the world. The report on interchange fees released last month by the US Government Accounting Office (GAO) notes that more than 30 countries have intervened or are considering intervening in the ... Seven Truths About Regulating Interchange
Moving the Ball Forward: Macroeconomic Considerations
What is most surprising about the GAO report is how little the analytical discussion of this subject has advanced in the last decade. We all know that interchange rates might contribute to higher retail prices: customers that use cheaper payment products can be said to “subsidize” customers that use credit cards. Starting with the Australian ... Moving the Ball Forward: Macroeconomic Considerations
Why Now? The Faulty Economics of Credit Card Reform
About four years ago, I worked for Visa in opposing the opposed limitations on interchange fees that the Australian government was about to impose on the credit card industry. The situation there, like the situation in the United States, seemed hardly propitious for reform. The use of credit cards was rapidly expanding, and the rate ... Why Now? The Faulty Economics of Credit Card Reform
EPA's Legislative End-run Strategy
Apparently the Obama administration is not very confident about getting its environmental climate change agenda passed through Congress. Given a legislative “solution” is off the table, at least for the foreseeable future, perhaps it is not surprising that today the EPA announced it’s ruling that greenhouse gases are “a danger to public health and welfare“. ... EPA's Legislative End-run Strategy
The Incorporation Transparency Act
This post is based on a legal backgrounder I recently published with the Washington Legal Foundation, which is available here. This analysis is cross-posted from the Harvard Law School Forum on Corporate Governance and Financial Regulation. The Incorporation Transparency and Law Enforcement Assistance Act, introduced by Senators Levin, Grassley, and McCaskill and currently pending before the ... The Incorporation Transparency Act
A Sarbox Update
From Larry Ribstein: A few years later, Henry Butler and I wrote a book decrying SOX, and discussing the evidence that was accumulating against it, as well as the SOX suit. Here’s an excerpt from the book abstract: If the suit is successful, Congress likely will have an opportunity to repair the constitutional defect. Although ... A Sarbox Update
