The House Financial Services Committee today agreed to omit an amendment to the Financial Choice Act, financial reform legislation, that would have removed limits on what banks can charge retailers for debit card fees, CNBC reports.
The Durbin amendment, opposed by banks, was supported by retailers who complained they had to bear the burden of rising debit card fees that issuers were charging.
The repeal of the amendment will make it easier for the bill to pass through Congress.
"I've said before that repeal of the Durbin amendment was the most contentious part of the bill among Republicans," committee Chairman Jeb Hensarling (R-TX) told CNBC in a statement. "I believe it belongs in the Financial Choice Act, but I recognize and respect that many members of Congress feel differently."
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