The House leadership is currently considering when to bring the CHOICE Act, which includes significant regulatory relief for banks, to the House floor for votes and whether there is enough support for its provision repealing the Durbin debit interchange amendment.
Retailers are in full grassroots mode, urging lawmakers to condition their support for the bill on removal of the Durbin repeal provision. We need bankers to push back hard by calling their representatives’ offices TODAY and expressing strong opposition to any attempt to remove the Durbin repeal from the Choice Act.
Retailers have pocketed $8 billion a year since the government price caps went into effect, according to the Richmond Fed, and they’ve passed none onto consumers as promised. Meanwhile, many consumers lost access to free checking and debit card rewards, proving once again that price controls benefit only a few.
This is our best opportunity since Durbin passed to fix this costly mistake. Please call your representative today. A suggested script for your call is below:
My name is ________ from _______ Bank in _______ city and I am calling to express my opposition to any effort to remove the Durbin repeal provision from the CHOICE Act.
The Durbin interchange amendment was a last-minute addition to the Dodd-Frank Act, and enacted without any study or debate. The results have been increased profits to big box retailers and reduced access to banking services, especially low-cost checking accounts, for consumers.
Please support repeal of the Durbin Amendment and vote against any efforts to remove this language from the Financial CHOICE Act.
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