The pandemic has accelerated e-commerce and remote-work availability. But Congressional Democrats are interested in pulling consumers back a decade and expanding Dodd-Frank era price controls to credit cards.
Consumers have adapted their spending habits in an increasingly mobile and remote economy. Savings rates have hit their highest level since 1975 while consumers continue to increase their shift to online spending.
Federal Reserve analysis shows that Americans have deposited $3 trillion in American banks and slashed their credit card debt by 14%. Consumers have shown their preference for debit and credit cards rather than paying for goods and services with cash. But some retailers wish to further limit consumers preference for debit and credit cards, and Democrats in Washington are eager to impose the Durbin Amendment — price controls — on credit cards.
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