More than six hundred businesses, including multiple NATSO members, wrote to Congress to oppose efforts to repeal the “Durbin Amendment.” As NATSO members are aware, the Durbin Amendment was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act and reformed the anti-competitive debit card market by placing caps on interchange fees in debit swipe transactions.
The letter, sent to every Member of the House of Representatives, stated that the debit fee reforms “have provided significant relief to Main Street businesses from anti-free market practices employed by global credit and debit card brands.” The letter urged Congress not to bring forth any legislation to repeal the Durbin Amendment.
Two bills have been introduced in the House of Representatives that include Durbin Amendment repeal. H.R. 5983, introduced by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), includes a rewrite of the Dodd-Frank Act and a repeal of the Durbin Amendment. The legislation was passed out of the House Financial Services Committee in September.
Similar debit fee reform language has been introduced as standalone legislation (H.R. 5465) by Rep. Randy Neugebauer (R-Texas). While legislation to repeal the Durbin Amendment is highly unlikely to be enacted into law while President Obama remains in office, House Republicans could bring up repeal efforts for a vote on the House floor in the remaining weeks of 2016.
Congressional Republicans are expected to consider Dodd Frank repeal legislation in early 2017, and the Durbin Amendment is vulnerable to getting caught in the cross-fire. NATSO will be calling on its members to contact their representatives in early 2017 to push back against these efforts and protect the Durbin Amendment.
Read the letter here.
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