Monday, the Supreme Court handed down a 6-3 decision in which a small North Dakota truck stop prevailed over the Federal Reserve System that may do as much to dismantle the Administrative State as did the pair of decisions that sent “Chevron deference” to the boneyard of bad ideas (see BREAKING: Supreme Court Issues Monumental Ruling on Chevron Deference – RedState). The case is called Corner Post v. Board of Governors, Federal Reserve, and it involves the exciting and sexy subject of swipe fees charged for credit and debit card transactions.
The specific issue was a federal law, the 2010 Dodd-Frank Act, that required the Federal Reserve to come up with rules governing swipe fee or Interchange fee rates. Congress required the fees developed by the Federal Reserve to be “reasonable and proportional.”
In 2011, the Fed issued a regulation that capped fees at 21 cents per…
