Great day for consumers – get free money from your friends in Congress
The Durbin Amendment passed a few days ago and will be enacted on July 21, 2011. Senator Durbin was thinking about consumers when he envisioned this law. He wanted to take the money out of the hands of the “evil” banks and give it to the consumers. So, starting in July we’ll all see an annual refund of about $110 right? I mean, that’s our individual share of the $12 billion in revenue the banks are giving back. So we’ll all be able to have a nice meal because Durbin is so magnanimous, right? Think again. Consumers won’t see anything like that.
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