K-STREET, 10,000 FEET: American consumers would be crushed under the Durbin bill targeting credit cards

K-STREET, 10,000 FEET: American consumers would be crushed under the Durbin bill targeting credit cards

THE LOWDOWN:The controversial Credit Card Competition Act (CCCA), being pushed by Sen. Dick Durbin (D., Ill.) and fellow Sen. Roger Marshall (R., Kansas), is being sold as a way to combat swipe fees, which the senators argue “are inflation multipliers.”Still, even as CCCA proponents argue swipe fees multiply inflation, the truth of the matter is much different. Inflation over the past five years under President Joe Biden rose by 21 percent, acco…