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See roll call 149 on The Durbin Amendment (3989) to the Restoring American Financial Stability Act of 2010. The amendment will require the Federal Reserve to establish rules for “reasonable and proportional” fees that credit card companies are allowed to charge to merchants.
Two problems with this amendment:
First, establishing rules of what a company can charge its customers is a clear violation of free market principles that Isakson says he supports. From the Issues page on his campaign web site:
“We are in a serious recession and we must be willing to tackle it by putting aside partisan politics and sticking to the core principles of our founding fathers of a free market and limited government.”
Second, this amendment would give even more power to the Federal Reserve.
When we establish a maximum amount that the credit card companies can charge merchants, they’ll charge that maximum amount. And when they realize that their profits aren’t optimal, they’ll raise the profits through annual account fees, service charges, and higher interest. Increased government regulation will always cost the taxpayer. Somehow Johnny Isakson doesn’t grasp this concept.
We’ve got a chance this year to finally get rid of this big government Senator. Fire Johnny Isakson in 2010.
{ 3 comments… read them below or add one }
I am slowly working my way to the point where I think we all need to vote for the Democratic candidate for his Senate seat in November. The only way we’re going to get rid of lousy Republicans like Johnny Isakson is to remove them from office, give “the other side” a chance for a term, and then nominate someone decent to run against the then-incumbent Democrat. Voting for Isakson because “he’s not as bad as a Democrat” will not solve the problem.
I agree, but there is a great candidate from the Libertarian Party running. Chuck Donovan – http://www.donovanforsenate.com is his site. I’ll have more on Donovan coming soon.
I will be voting for Donovan and actively working to defeat I-SUCK-son.