House Passes Bill With Debit Swipe-Fee Protections Intact
On June 8, the House of Representatives passed the Financial CHOICE Act with debit swipe-fee protections still intact. Those protections ensure restaurant operators and other small business operators don’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,” says Cicely Simpson, NRA executive v.p.- government affairs and policy.
The protections, also known as the Durbin Amendment, passed in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.