Americans for Tax Reform this week joined a coalition of free market organizations urging House Financial Services Committee Chairman Jeb Hensarling to maintain provisions repealing the Durbin Amendment in the Financial CHOICE Act moving forward.
The Durbin Amendment was enacted as part of the Dodd-Frank Act and was touted as a benefit to consumers. However, since enactment the Durbin Amendment has failed to deliver the promised benefits to consumers, and has instead led to reduced access to traditional banking services and driven up the number of “unbanked” Americans.
The coalition letter states, “The burdensome costs of the Durbin Amendment, like so many other ill-conceived regulations born of Dodd-Frank, have become fully clear with the passage of time. This gives the 115th Congress a crucial to opportunity to enact reform…We therefore urge you you to keep the provision repealing the Durbin Amendment in the new version of the bill.”
The full letter can be found here.
Photo credit: John Griffiths