SAN ANTONIO – A former Cabinet official and leading bank advisor told attendees today at PCSU Financial Service's 2011 Conference that the serious fiscal problems facing the U.S. meant that a bid to roll back the cap on debit interchange is almost sure to fail.
"In light of the problems I have described, I think any political move that has any measure of controversy whatsoever will face a very high threshold, " said Peter Orszag, former director of the Office of Management and Budget and current vice chairman of the Institutional Clients Group at Citigroup Inc.
Orszag attributed his skepticism to what he called political inertia about many aspects of the legislative process which he predicted would remain in place until policy makers are able to confront the next three looming economic and fiscal challenges facing the U.S.
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