Retailers Win, Banks Lose in Debit-Card Swipe Fee Fight

Bloomberg BNA covers the Durbin Amendment and a statement put out by CEI’s Iain Murray.

An effort to repeal the caps that banks can charge on debit-card transactions died in the House after it triggered an intra-party fight that threatened to derail the smooth passage of a wide-ranging Republican financial overhaul bill.

House Financial Services Chairman Jeb Hensarling (R-Texas) initially sought to repeal the so-called Durbin amendment as part of his Financial Choice Act (H.R. 10), which is heading to the House floor the week of June 5.

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In a statement after the repeal language was removed, the Competitive Enterprise Institute’s Iain Murray called the move a “capitulation.”

“It is doubly outrageous that the House GOP has decided price controls are acceptable in what is supposed to be a free economy,” he said.

Read the full article at Bloomberg BNA.