No court can fix a broken foundation: The Durbin Amendment’s flaw

Within a month, two U.S. district judges ruled in cases challenging swipe fee regulation.

Both lawsuits were brought against the Federal Reserve over its implementation of the Durbin Amendment.

Back-to-back lawsuits point to fundamental issues with the underlying law.

When the law distorts a market, nothing built on top of it can ever stand securely. […] ...