WASHINGTON – Today, the House Financial Services Committee will resume marking up H.R. 10, the Financial CHOICE Act, a sweeping rewrite of post-recession financial regulations contained in the Dodd-Frank Wall Street Reform Act. H.R. 10 also includes a full repeal of debit swipe fee reforms—reforms enacted in 2011 as part of the Durbin Amendment to Dodd-Frank. 

The committee began its markup on the 600-page bill on May 2 at 10:00 am with two hours of opening statements by members of Congress, followed by a reading of the bill for approximately three hours. The committee then began reading numerous proposed amendments to the bill. 

NACS is a part of the vocal opposition to H.R. 10, so long as it contains language that eliminates debit swipe fee reforms. “Debit reform has saved consumers and businesses $40 billion already. It makes no sense for the House to even consider a bill that would take away these pro-competitive, successful reforms,” said Lyle Beckwith, NACS senior vice president of government relations.

An economic study on debit reform found that consumers and merchants saved $8 billion in the first year of debit reform and that those savings supported more than 37,000 jobs. During the past five years in which the reforms have been in place, the wholesale cost that merchants pay for goods has increased more than twice as much as the retail prices merchants charge. Merchants have been able to protect their customers from most of the cost increases they face, in part due to debit reform.

In a briefing with reporters last week, CNBC reported that House Financial Services Chairman Jeb Hensarling (R-Texas) acknowledged that the division over the Durbin Amendment doesn't fall within party lines. "I know that we have members on both sides of the aisle that may be a little conflicted on the issue. ... We're still listening," said Hensarling, who added that he is "convinced that we will get the Financial CHOICE Act passed, regardless of the outcome of Durbin."

This is why it’s critical that you contact your Representatives today to urge them to oppose a repeal of debit swipe fee reform. Lawmakers need to hear from businesses and constituents in their districts who will be directly harmed by a repeal of the reforms at the benefit of the largest banks.