Four years ago, Congress decided to force down the hidden fees that credit card companies collect from their customers. It passed a law called the 2009 Credit Card Accountability Responsibility and Disclosure Act â?? a name chosen so the law would be known as the Card Act.
When Neale Mahoney, an economist at the University of Chicagoâ??s Booth School of Business, set out to evaluate the effect of that law, he was confident he knew what he and his colleagues would find: It didnâ??t work.
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