House Representatives Attempt to Repeal Durbin Amendment
By Pat Bradley
Washington, D.C. – New York Democratic Congressman Bill Owens and Utah Republican Congressman Jason Chaffetz have proposed H.R. 3156 The Consumer Debit Card Protection Act. It would repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act which capped retailer transaction swipe fees. Representative Chaffetz says banks have essentially transferred the charges to consumers.
Congressman Owens believes if the law is not changed, even more fees and bank charges will be imposed.
Vermont Congressman Peter Welch is a supporter of the Durbin Amendment and he disagrees with the repeal effort.
Congressman Welch is calling on U.S. Attorney General Eric Holder to conduct an investigation on the new debit card fees.
An earlier measure to repeal in the Senate failed.