Malcolm Stevenson “Steve” Forbes, Jr., the chairman of Forbes Media, recently said that Congress should allow the U.S. market economy to work on its own.
“Washington’s war on the free market, capital investment and financial services must end,” Forbes said, according to Newsmax. “Congress must get out of the way.”
Forbes pointed to the Durbin Amendment, a provision of the 2010 Dodd-Frank Act that seeks to limit the interchange fee — the amount a card company charges a merchant to process a transaction on its network.
“The amendment, rushed through Congress [in 2010] with no debate, has muddied the marketplace by failing to deliver the promised benefits to consumers and small businesses in the form of lower prices, while increasing profits for the biggest retailers,” Forbes said, Newsmax reports. “One would think this would finally end the multiyear dispute.”
Instead, retailers have argued that the rule doesn’t go far enough and that the fees are still too high.
“This brouhaha shows how far we have strayed from the most basic economic principles that created prosperity in America for generations…” Forbes said, according to Newsmax. “Washington must allow businesses and industries to settle their disputes on their own.”
Forbes added that American businesses must stop running to Washington as a way to solve their problems.
“That process has increased congressional usurpation of free-market functions,” Forbes said, Newsmax reports.