Marking a major victory for retailers, Politico late yesterday announced that House Republicans plan to drop language from the Financial Choice Act that would have repealed the debit swipe fee reforms which have saved businesses and consumers billions since being implemented under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
House Republicans indicated that they would remove the provision from the 600-page bill after intense opposition from the fuels, retailing, and restaurant industries triggered an internal dispute and threatened support for the rest of the bill.
For nearly a year, NATSO and its partners in the Merchants Payments Coalition have led efforts to strip the repeal of debit swipe fee reforms from the Financial Choice Act.
NATSO members played a pivotal role in this successful advocacy effort. Earlier this month, nearly 60 NATSO members came to Washington, D.C., as part of NATSO’s annual Day on Capitol Hill to meet with their elected officials and voice their strong opposition to repeal of swipe fee reform.
NATSO thanks each of its members who took the time to contact their lawmakers either in person or in writing to oppose this provision. The expected removal of this language from the Financial Choice Act illustrates that there is no greater voice among lawmakers than that of their constituents. Your voice was heard on Capitol Hill.
The banking lobby undoubtedly will continue to apply pressure for repeal of the reforms, thus NATSO will continue to monitor the issue and the legislation closely. Nevertheless, it's clear that this provision has become an impediment to passage of the Financial Choice Act.
Photo credit: Carol Jean Stalun Photography
Subscribe to Updates
NATSO provides a breadth of information created to strengthen travel plazas’ ability to meet the needs of the travelling public in an age of disruption. This includes knowledge filled blog posts, articles and publications. If you would like to receive a digest of blog post and articles directly in your inbox, please provide your name, email and the frequency of the updates you want to receive the email digest.