WASHINGTON -- House Republican leaders May 24 dropped language in the pending Financial CHOICE Act that would have repealed the Durbin Amendment.
The House Financial Services Committee passed the Financial CHOICE Act along party lines earlier in May, readying the bill for a vote on the House floor. There were reports recently that House leaders were discussing legislative strategies to remove language repealing the Durbin Amendment, which established limits to debit-card swipe or interchange fees and has saved retailers millions of dollars over recent years.
The Financial CHOICE Act would end many of the financial regulations set up by the 2010 Dodd-Frank Act in the aftermath of the 2008 banking crisis. Retail and restaurant associations have lobbied against the bill largely due to the now-abandoned repeal of the Durbin Amendment.
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