Posted May 26, 2017
May 25, 2017, House Republican leaders will drop language from a sweeping bank deregulation bill that would have eliminated a cap on debit card swipe fees.
GOP leaders decided to remove the proposal from the Financial CHOICE Act after a Whip Count of Republican Members on the issue. "I've said before that repeal of the Durbin Amendment was the most contentious part of the bill among Republicans," Congressman Hensarling said in a statement Wednesday. "I believe it belongs in the Financial CHOICE Act, but I recognize and respect that many members of Congress feel differently. We won't let this one provision hinder passage of an important priority bill that will end bank bailouts and help renew healthy economic growth for all Americans."
The bill is currently scheduled to be considered on the floor of the House the week after the Memorial Day recess. It is doubtful that the Senate would add the language back into the bill, so any further efforts to remove debit interchange caps is unlikely to be successful in this session of Congress.