The House Financial Services Committee on May 4 favorably reported the CHOICE Act, legislation that would roll back a number of the reforms in the Dodd Frank financial reform legislation, including debit reforms known as the Durbin Amendment that have been critical for retailers.
NATSO strongly opposes the CHOICE Act as long as the bill repeals the Durbin Amendment. By repealing the debit reforms, the CHOICE Act would remove competition in the market and take billions of dollars from Main Street merchants and their customers' wallets and give them to a very few of the largest banks in the country.
"Debit reforms have successfully fostered competition and innovation by requiring networks to compete for both bank and merchant business and limiting how high the dominant card networks can fix fees on behalf of the mega-banks," said the Merchants Payments Coalition, of which NATSO is an active member, in a statement. "Now that these banks have incentives to compete, merchants are expanding and consumers have saved $30 billion."
The full legislation is likely to be considered by the full House of Representatives on May 17 -- the same day that dozens of truckstop operators will be on Capitol Hill meeting with their members of Congress as part of NATSO's 2017 Day on the Hill conference.
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