MasterCard President: Why Consumers Should Care About Durbin Interchange Posted by AVCU on 4:16 PM

In the opening remarks of a Fox Business News interview with MasterCard's President of U.S. Markets, Chris McWilton, FOX News’ Stuart Varney reiterated how the Durbin Amendment of the Dodd-Frank financial overhaul bill limits the amount card companies can charge merchants when a consumer opts to pay by debit. “I am totally unaffected by this,” said Varney. “Why should I, a consumer, care?” McWilton called Durbin “price fixing by the U.S. government” in response, stating that Senator Richard Durbin (D-IL) put the amendment into the Dodd-Frank bill at the 11th hour to cap how much networks like MasterCard can charge for debit card interchange fees. He also noted that the amendment went through without any congressional hearing. Watch the interview below.