Feds move to block controversial Illinois credit card swipe fee ban, siding with banks in ongoing legal fight – Chicago Tribune/Yahoo

Passed in 2024 and set to take effect this July, the state law bans certain so-called swipe fees on the tax and tip portions of customers’ bills, with a goal of lowering the amount that credit card companies can charge retailers. The Office of the Comptroller of the Currency, an independent bureau of the U.S. Department of the Treasury, plans to put out an “Order Preempting the Illinois Interchange Fee Prohibition Act."
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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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