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#052 Money 20/20, Fintech Innovations, and Interviewing Legends with Zach Anderson Pettet
Smart Friends
Regulatory Capture
If you spend a hundred dollars on a community bank card, a chimed card backed by a community bank, the community bank and the entity together make about $3 instead of $1. That's because of a regulation put in place called the Durbin Amendment. So banks were too big to fail in 2008 as a result of that. We want to create a regulatory kind of prop up for the smaller banks. And then if you think about, they're just the only ones who are allowed to move money in the US. Exactly. Regulatory capture 100%.
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