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POLITICO Morning Money: House Panel Advances Dodd-Frank Alternative

| Politico Morning Money

BANKS CLAIM WIN ON DURBIN — From a financial services lobbyist: “The debit-card networks and issuing banks scored an under-the-radar win Tuesday when the House Financial Services Committee passed a Dodd-Frank replacement that included a repeal of Durbin. The anti-Durbin crowd, led by the Electronic Payments Coalition, worked hard for months to make sure Durbin was included in the bill — and stayed there, despite pressure from the retailers to strip it.

“That included member meetings, calls in the district, newspaper and online ads, etc. The merchants applied similar (perhaps greater … ) pressure on members to offer an amendment to remove the Durbin repeal.”

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