A few months ago we reported on the madness of a new Illinois law that would require stores and restaurants to run every credit card twice – once for the purchase and then separately for the tax, with the transaction for the tax-exempt from all credit card processing fees, that is, subject to a price control of zero.

We were pleasantly surprised to see that even the Biden administration understands what a crackpot idea this is, weighing into the legal fight over the new law in a sharply worded new filing from the Office of the Comptroller of the Currency.

The OCC amicus brief argues the Illinois law:

• • • “is an ill-conceived, highly unusual, and largely unworkable state law that threatens to fragment and disrupt this efficient and effective system”
    • “prevents or significantly interferes with federally-authorized banking powers that are fundamental to safe and sound banking and disrupts core functionalities that drive the Nation’s economy”
    • “constitutes both bad policy and an unlawful interference with federally granted powers”
    • “would materially affect interstate commerce”
    • “undermine(s) the uniformity necessary for the smooth and effective functioning of the national payment system”

Give Biden credit for getting something right, for once. However, their main concern is that the law illegally interferes with interstate commerce. Does this mean they support a federal version of this crackpot price control? Biden does love price controls.

A hearing on the preliminary injunction is scheduled for October 30.