House Republican leadership is expected to remove a provision repealing the Durbin Amendment from House Financial Services Committtee Chairman Jeb Hensarling’s Financial Choice Act before it receives a vote on the House floor, according to news reports last night. The decision came after a number of Republicans had expressed concerns about including the Durbin repeal in the financial reform bill.
ABA President and CEO Rob Nichols thanked the thousands of bankers and state associations who have contacted their representatives in recent days to urge support for the Durbin repeal. He added that the debate on Durbin’s price caps on debit interchange fees is not over.
“We will continue to let members of Congress know that a vote to keep the Durbin Amendment on the books is a vote for government price controls and against consumers,” he said. “Until it’s repealed, big box retailers will continue to reap the billions in profits they promised to pass along to their customers. That’s wrong and Congress should fix it.”