Industry Lauds House Vote Leaving Swipe Fee Reform Intact

The U.S. House of Representatives's vote to pass the Financial CHOICE Act, which aims to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act but leaves in place the swipe fee reform included in Dodd-Frank's Durbin Amendment, was hailed by retail industry reporesentatives, which had been lobbying for the retention of swipe fee reform.

“In the wake of the financial crisis it was vital for Congress to act to assure the American people that our financial markets were stable and that a new regulatory apparatus would prevent another systemic problem," noted Austen Jensen, VP for government affairs for the Arlington, Va.-based Retail Industry Leaders Association (RILA)." While well intended, several of these regulations have had a negative impact on community banks and other financial institutions that were never at the root of the financial collapse in 2008. The CHOICE Act takes the first step toward reconciling the need to treat mega-banks and Wall Street differently than Main Street financial institutions."

Added Jensen: “Preserving swipe fee reform was a big win for retailers and consumers across the country. No retailer — big or small — received a bailout during the Great Recession, and we support provisions of the CHOICE Act that seek to ensure that Americans are never again forced to bail out failing financial institutions.”

For more on this story, see the article on the website of Progressive Grocer sister publication Convenience Store News.