NATSO has learned that U.S. Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, is expected as early as next week to introduce legislation that seeks to repeal debit card swipe fee reform, commonly known as the “Durbin Amendment.”
It is expected that this legislation will be substantially similar to the Financial Choice Act introduced by Rep. Hensarling last September that included full repeal of debit swipe fee reform.
With the financial services trade associations and numerous individual financial services companies urging House Leadership and Members of Congress to repeal debit reforms, it is critical that NATSO members weigh in on this important issue and encourage Congress to keep debit reforms intact.
NATSO and its allies in the business community are preparing a letter to Congress urging lawmakers to refrain from taking up any legislation that repeals debit reforms. It is critical that NATSO members sign the letter to ensure that our industry has a strong voice in opposing any legislation that would undo debit card swipe fee reform. NATSO members have until Jan. 9 to add their name to the list of businesses voicing strong opposition to repeal of debit card swipe fee reform. NATSO members may log in here to read the letter.
The Durbin Amendment – which imposed much-needed reforms on the debit interchange market – brought certainty for retailers and a level of transparency and competition into a market that was historically void of it.
Debit card reforms have been a major step in the right direction and any removal of those reforms would be a monumental step in the wrong direction for U.S. businesses and consumers.
Repeal of the Durbin Amendment would allow the big banks to impose outrageous fees on merchants and increase prices for consumers. Companies like Visa and MasterCard will dominate the market to the extent that they can fix fees, squeezing retailers and raising costs for consumers. It is currently estimated that swipe fees cost merchants and consumers $40 billion every year.
To add your name to the list of those opposing any efforts to repeal debit card fee and rule reforms, please contact NATSO Vice President of Government Affairs David Fialkov at email@example.com or 703-739-8501.
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