More broadly, the antitrust regulatory standard should return to the pro-growth consumer welfare standard. This standard promoted a balanced, free-market approach to competition policy that encouraged competition and fostered innovation. Most important, it ensured that the competitive landscape benefit consumers, which, after all, is the reason why antitrust policies exist in the first place.
Innovation is often a victim of its own success as the once unimaginable becomes the invaluable service people cannot live without. The modern payments system exemplifies this phenomenon.
Innovations by fintech startups as well as traditional financial companies now enable trillions of dollars in transactions annually. And thanks to robust competition and continual innovations, the quality of these services for consumers and businesses continues to improve.
The growth of the payments system also caught the attention of regulators, and previous regulatory actions by the Biden administration now threatens this progress. But there is a new sheriff in town, which creates an opportunity to reverse these unnecessary restrictions.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
Reversing Regulatory Overreach Will Encourage Payment Innovations
Wayne H Winegarden
More broadly, the antitrust regulatory standard should return to the pro-growth consumer welfare standard. This standard promoted a balanced, free-market approach to competition policy that encouraged competition and fostered innovation. Most important, it ensured that the competitive landscape benefit consumers, which, after all, is the reason why antitrust policies exist in the first place.
Innovation is often a victim of its own success as the once unimaginable becomes the invaluable service people cannot live without. The modern payments system exemplifies this phenomenon.
Innovations by fintech startups as well as traditional financial companies now enable trillions of dollars in transactions annually. And thanks to robust competition and continual innovations, the quality of these services for consumers and businesses continues to improve.
The growth of the payments system also caught the attention of regulators, and previous regulatory actions by the Biden administration now threatens this progress. But there is a new sheriff in town, which creates an opportunity to reverse these unnecessary restrictions.
Read the op-ed here.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.