More Hill Hearings: Payment Systems
On Thurs, Feb. 17, House Financial Services will have a hearing on“Understanding the Federal Reserve’s Proposed Rule on Interchange Fees: Implications and Consequences of the Durbin Amendment.” 10:00 a.m. in 2128 Rayburn HOB.
From the perspective of DS, the relevance is twofold: (1) The connections between this regulation and regulations of other networks, such as Net Neutrality (see Net Neutrality, the Internet & Electronic Funds Transfer Networks); (2) The effect of this or other regulations of payment systems on the development of new smartphone-based payment systems.
I will watch with interest to see if these topics are within the ken of Congress. I suspect not, which is part of the current crisis of governance; Congress is passing laws without understanding their reverberations throughout the economy.
Witnesses:
- The Honorable Sarah Bloom Raskin, Governor, Federal Reserve Board
- Mr. Gus Prentzas, Pavilion Florals
- Mr. Frank Michael, President and C.E.O., Allied Credit Union; on behalf of the Credit Union National Association
- Mr. David Kemper, Chairman, President and C.E.O., Commerce Bank; on behalf of the American Bankers Association and the Consumer Bankers Association
- Mr. Doug Kantor, Partner, Steptoe & Johnson; on behalf of the Merchant Payments Coalition
- Mr. Josh Floum, General Counsel, Visa
- Mr. David Seltzer, Vice President and Treasurer, 7-Eleven; on behalf of the Retail Industry Leaders Association
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