Wow. No wonder the banks don't want to have Congress regulating the amount of money they can charge merchants and consumers for using debit cards. Last year, consumers shelled out more than $1.2 trillion to purchase goods and services with their debit cards. These transactions generated $19.7 billion in fees, most of which went to the banks that issue debit cards.
Because of the amount of money to be made in fees, a Minnesota-based bank is suing the Federal Reserve over recent fee limits, claiming that regulations that limit the fees a bank can charge retailers for debit card transactions are unconstitutional.
NOTE TO BANKS ...
Constitution, Article I, Section 8, Clause 3, “ [The Congress shall have Power] To regulate Commerce with foreign Nations, and among the several States, and with the Indian tribes ..."
NOTE TO BANK, II ...
The Necessary and Proper clause makes it clear that Congress has certain "enumerated powers." Specifically, Congress has the power "To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof."
There's more, but you get the point.
Our clueless bankers, who helped run our economy into the ground, don't seem to understand that Congress has the power to both regulate interstate commerce (see also Art. 1, Sec. 9) and vest "all other Powers" (including the Federal Reserve) with the authority to regulate commercial activities as well.
Pretty simple if you ask me.