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Live updates: Trump administration signals that pause in Iran strikes will allow talks to progress CNNTrump Holds Off on Major War Escalation Against Iran as Advisers Raise Concerns The New York TimesTop U.S. military commander in Middle East advised halting Hormuz bombing AxiosVance, Caine raised concerns about escalating war in Iran, sources say as US pauses consecutive nights of strikes CNNTrump Pauses Iran Strikes as Officials Weigh Dwindling Air Defense Stocks WSJ
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Wildfires threaten Bordeaux as France and Spain battle blazes ReutersLive updates: Battle against France and Spain wildfires is in a critical window as hotter weather looms CNNFires in Europe: latest developments YahooFrench firefighters face 'pyrocumulonimbus' for first time France 24
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I love it when organizations try and do something good, but don't think things through and end up delivering unintended negative consequences.
Today's case in point: the US Senate and the Federal Reserve, both of whom are looking to reduce high interchange costs, but are unintentionally increasing costs for merchants and sharply boosting the undiscovered fraud rate. Not bad for government work.
Let's start with the Senate, where Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS) have crafted The Credit Card Competition Act of 2022. Its stated goal: reduce the interchange fee that financial institutions and card brands (Visa, MasterCard, Amex, etc.) charge retailers.
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