May 2, 2024

In 2010, the Durbin amendment was dropped into Dodd-Frank in the dead of night. Without so much as a hearing, the government imposed restrictions and price controls on debit cards and connected checking accounts. Bankers warned that mega-retailers would not pass on any savings at the checkout, and that bank customers would ultimately foot the bill in lost rewards. Both predictions have proven true, but for reasons clear only to the Federal Reserve, the government is poised to double down on this misguided policy with another 30% cut in debit interchange followed by an automatic biannual adjustment. This “one-way ratchet” will continue to hack away at debit programs every two years based on data and a formula of the Fed’s choosing, without public comment.

The 2024 Indiana Legislative Session was highlighted by passing bills to improve reading skills, make childcare more accessible and enhance water infrastructure while deferring more contentious matters such as Medicaid, education, taxes and roads until next year. Lawmakers said before the session began that they planned to take a more measured approach this year, shelving some more controversial proposals, in part so they could condense the usual 11-week “short session” timeframe to just nine weeks. Lawmakers succeeded in that regard, adjourning sine die late Friday, March 8, one week earlier than scheduled after starting a week later.