Advancing American Freedom led a coalition of 12 other amici filing a brief in Corner Post v. Board of Governors arguing for less economic regulation. In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which included an amendment called the Durbin Amendment. The Durbin Amendment directed the Board of Governors of the Federal Reserve to set a cap for the fee that can be charged to retailers when a customer makes a purchase with a debit card.
Corner Post challenges Regulation II, the regulation in which the Board sets the fee cap, for setting the cap too low. In other words, Corner Post claims that the Board did not regulate harshly enough.
If Corner Post sounds familiar, that may be because of the Supreme Court’s 2024 decision in this case. That decision, which allowed regulated parties to challenge regulations based on when the party was harmed, not when the regulation came into effect, was a major win for freedom.
The case is now before the Eighth Circuit which will have to decide the statutory question at the heart of this case.
“Regulation II is not insufficiently restrictive, as Corner Post claims,” said AAF General Counsel J. Marc Wheat. “We urge the Eighth Circuit not to demand harsher regulation than Congress has required.”