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WASHINGTON, D.C. — NACS, the Association for Convenience & Fuel Retailing, is among more than 160 national and state merchant trade associations that are speaking out against legislative moves to overturn debit swipe fee return.
The c-store association signed on to a letter to the House of Representatives leadership to voice the retail industry's opposition to H.R. 5465 and CHOICE Act language that would repeal the reforms included in the 2010 Dodd-Frank Wall Street and Consumer Protection Act.
Last month, U.S. Rep. Jeb Hensarling (R-Texas) released a discussion draft of the Financial CHOICE Act, the Republican plan to replace the Dodd-Frank Act and promote economic growth. CHOICE stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, as CSNews Online previously reported.
According to NACS, although the legislator has recently spoken about his commitment to helping Main Street and ending government bailouts, a repeal of debit swipe fee reform would do the exact opposite.
"The debit reforms contained in Dodd-Frank, also referred to as the 'Durbin Amendment,' brought the first piece of competition and transparency into a market that was historically void of it. The reforms in the law have benefitted American consumers, merchants, small financial institutions, and the economy as a whole," the letter stated.
"Repealing or weakening the law will only benefit fewer than 2 percent of the country’s largest banks and remove any and all competition from the debit routing market. As representatives of retailers and employers from every state and congressional district in the country we ask you to join us in opposing any effort to weaken or repeal the Durbin Amendment," it added.
To read the full letter, click here.