Chairman Jeb Hensarling proposed a repeal of debit swipe fee reform as part of his Wall Street reform package
Recently, House Financial Services Committee Chairman Jeb Hensarling (R-TX) revealed a plan to overhaul significant parts of Dodd-Frank financial regulations, the New York Times reports. Hensarling is expected to formally introduce his Wall Street reform package in the coming weeks.
The act is part of ongoing efforts by House Republicans to repeal significant portions of Dodd-Frank. “Simply put, Dodd-Frank has failed,” said Hensarling during remarks at the Economic Club of New York yesterday. “It’s time for a new legislative paradigm in banking and capital markets.”
Included in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act is the Durbin Amendment, which brought competition and transparency to the debit-card market. Since being introduced, these reforms have saved consumers nearly $6 billion per year and supported more than 37,000 jobs a year benefitting the economy as a whole.
Yesterday, NACS released a statement in response to Hensarling’s comments, stating, “Without the vital protections in debit reform, higher debit card fees would not only add to prices for consumers but also represent a tremendous additional burden to smaller merchants—especially convenience store owners, whose customers often engage in multiple transactions at the gas pump and within the store. Card fees are the second-largest operating cost for many retailers, preventing them from expanding or hiring.”
Back in May, more than 140 national and state retail trade associations—including NACS and many of the state associations representing the industry—signed a letter asking Chairman Hensarling to protect debit swipe fee reforms. And it’s critical that the c-store industry continues to voice its concerns to Congress.
To contact your member of Congress today, to voice opposition to a repeal of debit swipe fee reform, please click here.