"As with so much in Washington, there’s more here than meets the eye. These two Senators aren’t concerned for members of the programs, and devaluations don’t actually bother them. They have their own bill that would cause significant devaluation."
"However this new broadside is just regulatory payback. Senators Durbin and Marshall are carrying the retail lobby’s water to cap credit card interchange, having the government mandate that credit card processing be provided to them at lower than market prices. As with Durbin’s cap on debit card interchange, less profitable products mean there’s little incentive to spend on rewards, rebating to the customer to compete for their transactions."
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