10/13/2011 Bill introduced to repeal Durbin Amendment
American Bankers AssociationReps. Jason Chaffetz (R-Utah) and Bill Owens (D-N.Y.) yesterday introduced a bill (H.R. 3156) that would repeal the Dodd-Frank Act’s Durbin amendment and withdraw the Federal Reserve’s debit-card interchange rule that implemented it.
“This is a perfect example of the dangers of price controls and the inefficiency of government intervention in the free market,” Chaffetz said. “The Durbin amendment is an affront to consumers and the banking industry. These legislatively enacted price controls have compelled banks to charge consumers higher -- and in some cases new -- fees to make up for lost revenue.”