Tomorrow, House Financial Services Committee Chairman Jeb Hensarling (R-TX) will hold a hearing to discuss the Financial CHOICE Act text that was released last week.
The Committee plans to begin vetting the updated version of the bill at the hearing, dubbed the Financial Choice Act 2.0, which includes a provision that would repeal the Durbin Amendment. Repealing the Durbin Amendment would be extremely harmful to retailers because it ultimately lowered debit card interchange fees and interchange fees are the second highest expense to retailers only behind labor.
PMAA has been working with the Merchants Payments Coalition (MPC) and meeting with House Financial Services Committee members for the past year to educate members of Congress about the benefits of the Durbin Amendment. Since the legislation includes the provision to strip the Durbin Amendment, we are going to make this a top issue during PMAA’s Day on the Hill on May 18. In the meantime however, please notify your representatives that consumers and retailers will lose over $8 billion if debit fee reform is stripped. Please click here to send a letter to your representatives.