House Committee Examines Durbin Amendment

The Durbin Amendment, a provision of federal law requiring competition in debit card routing that has resulted in substantial cost savings for retailers and their customers, was criticized in a House Financial Services Committee hearing on April 26. The hearing examined the CHOICE Act, legislation to roll back many provisions of the Dodd Frank Wall Street Reform Act. The CHOICE Act would repeal the Durbin Amendment. NATSO strongly opposes this effort.

The Durbin Amendment repeal provision is one of the most politically controversial provisions in the CHOICE Act, pitting the retail industry against the banking industry. NATSO expects the legislation, including the repeal provision, to pass out of the House Financial Services Committee next week.

NATSO and its partners in the retail industry will continue push for the provision to be removed from the final legislation before it is considered on the House floor.

via Business Feeds

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