06.14.16

Durbin Statement on House GOP Bill to Repeal Critical Swipe Fee Reforms

WASHINGTON—U.S. Senator Dick Durbin (D-IL) released the following statement regarding a House Republican bill that would repeal the Durbin amendment to the Wall Street Reform and Consumer Protection Act of 2010:
  
“Repealing the Durbin Amendment would be a windfall for Visa, MasterCard and the nation’s biggest banks, but it would diminish transparency and competition in the debit card system and harm millions of Main Street merchants and their customers.  Make no mistake – Main Street will not give up its hard-won gains under the Durbin Amendment without a fight.  And repeal of the Durbin Amendment will not happen on my watch.
  
While the big banks and card networks may want to reopen a battle they lost six years ago, Congress’s time would be better spent investigating and reining in the new anti-competitive fees that keep popping up in the credit and debit card industries.  Just last week I pointed out that Visa and MasterCard had created blatantly anti-competitive fees to penalize small banks and credit unions and deter them from doing business with other card networks.  Continued vigilance by Congress and regulators is necessary to help expose these rigged schemes and ensure that the credit and debit card systems operate fairly for all Americans.”