Respecting a issue of great importance to the franchise community, Bloomberg Law this morning is reporting that repealing a cap on debit card transaction fees is the only issue holding up an otherwise unified Republican bill to revamp and largely repeal the Dodd-Frank Act, the Financial CHOICE Act of 2017.

Chairman Jeb Hensarling (R-Texas) told Bloomberg that the cap on debit card transaction fees is the “single most contentious portion” of the repeal bill.  The cap, also known as the Durbin Amendment, has many supporters in the retail industry. Retail believes that the fee caps promote competition and save customers money. Banks, the entities on the other side of this debate, want to repeal the Durbin Amendment.  Banks contend that the fee caps have cost them money while merchants have pocketed the savings and not passed them onto customers.

Like aspects of the fight to repeal the Affordable Care Act, repeal of the debit card transaction fee issue is one that splits Republicans yet leaves Democrats–who generally want the Durbin Amendment to remain in place–unified. Hensarling and his top lieutenants support repeal. Other top Republicans like Rep Dennis Ross (R-Fla.) support the Durbin Amendment’s caps because they believe the fees saved encourages employment growth at small businesses.  Consequently, getting to a unified Republican position on debit card fees is essential to getting the Financial CHOICE Act–a top priority of Congressional Republicans and the Trump White House–out of committee and onto the House Floor.

If you are interested in the issue of debit card transaction fees–and, if you are reading this, you probably are–now is the time to call or, better yet, write, your Congressperson and express your opinion.

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