The House Financial Services Committee is scheduled to meet today May 2 to consider legislation that would roll back many of the reforms contained in the Dodd Frank Wall Street Reform Act, including the so-called Durbin Amendment, which implemented much-needed debit reforms. The legislation is likely to be approved by the Committee, setting up the potential for the full House of Representatives to consider the legislation in the coming weeks.
The Durbin Amendment brought for the first time competition and transparency into a debit market that historically was void of it. Consumers, retailers and the entire U.S. economy have benefited from the reforms. Thanks to the Durbin Amendment, retailers can actually see how much they would be charged by a debit transaction, shining a light on a market where fees traditionally had been set collectively behind closed doors.
The Durbin Amendment further requires that each debit card have a minimum of two unaffiliated networks enabled on the card. This requires large card brands like Visa and MasterCard to compete with other debit networks for retailers' routing business. Repealing this provision would remove all competition from the debit market and make our national payment system less reliable and secure.
Travel plaza owners and operators will be coming to Washington, D.C., on May 16 and 17 for NATSO's annual Day on the Hill, where they will meet with lawmakers to tout the benefits of debit fee reform and oppose efforts to repeal the Durbin Amendment.
NATSO members are urged to register today to attend this important event.
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