Bill passes House with swipe fee protections intact

Monday, June 12, 2017 8:54:00 AM

Source: NRA

June 8, 2017

 

The National Restaurant Association celebrated a big victory June 8, as the House of Representatives passed the Financial CHOICE Act with debit swipe fee protections still intact.

 

We waged a comprehensive public affairs campaign leveraging grassroots advocacy, digital advertising, and social and traditional media to express our concerns regarding the repeal of the swipe fee protections with lawmakers. Our effort showed them how financially devastating repeal of the protections would be to our industry as well as other small businesses and consumers nationwide.

 

Keeping the debit swipe fee protections in place means restaurant owners and other small business operators won't face skyrocketing fees every time a customer uses his or her debit card during a transaction.

 

"By keeping debit swipe protections in place, small businesses will not be stuck with a debit card tax on top of their already thin operating margins," said Cicely Simpson, our executive vice president of government affairs and policy.

 

Authored by Rep. Jeb Hensarling, R-Texas, House Financial Services Committee chair, the Financial CHOICE Act seeks to reverse overregulation of the financial services industry. The debit swipe fee protections, also known as the Durbin Amendment, passed in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

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