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Change to CHOICE Act is a victory for merchants over banks

Joe Mont | May 31, 2017

In the ongoing war against the Dodd-Frank Act, merchants have won a battle against banks.

The House Financial Services Committee has announced that the Financial CHOICE Act, a Republican plan to repeal or replace much of the Dodd-Frank Act, will be voted on in the House of Representatives on June 5. As the legislation goes to a floor vote, a controversial repeal of the so-called Durbin amendment, limitation on debit-card transaction fees, will not be included.

The late stage revision is, in large part, an admission that the controversial rule, and its equally controversial repeal, could erode support and fracture Republican voting blocs.

The Dodd-Frank rule was named for its proponent, Sen. Richard Durbin (D-Ill.), It, by empowering the Federal Reserve to do so, set caps on swipe and interchange fees for debit card transactions...

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