Washington—According to reports, House Republicans plan to remove language repealing the so-called Durbin Amendment from the Financial CHOICE Act (H.R. 10). The Durbin Amendment was a last minute addition to the 2010 Dodd-Frank financial overhaul that established a cap on debit card swipe fees that banks charge to retailers. According to numerous economic studies, including the Federal Reserve Bank of Richmond, big box retailers have pocketed the savings at the expense of consumers and their small retail competitors since the Durbin Amendment became law. Heritage Action released the following statement from Chief Executive Officer Michael A. Needham:
"The decision by some House Republicans to defend federal government price controls in financial markets at the behest of special interests is disturbing. Similar to the debate over repealing the regulatory architecture of Obamacare, a minority of members who believe in federal price controls have asserted their will on the Republican conference and the American people.
"While the decision is disappointing, Heritage Action will continue to support Chairman Jeb Hensarling and his efforts to pass the Financial CHOICE Act on the House floor next month. Rolling back significant parts of Dodd-Frank remains a priority for conservatives and is essential for U.S. economic growth. House Republicans would not be on the cusp of a major legislative victory without Chairman Hensarling's steadfast leadership. We are grateful for his commitment to advancing conservative principles."
Related:
Heritage Action: Legislative Endorsement: Hensarling's Financial Choice Act (H.R. 10)
Heritage: Repeal The Durbin Amendment: Restore The Rule Of Law (2017)
Heritage: Repealing the Durbin Amendment: A Vote for the Rule of Law (2017)
Heritage: The Case Against Dodd-Frank (2016)