NBCC: Let’s Correct A Very Big Wrong In 2010 Financial Reform

This month, a new Congress is being sworn in and a new president will be inaugurated.  As with any turnover in Washington, D.C., there will be new ideas and policy shifts, but this transition from one administration to another doesn’t have to be acrimonious.

As Republicans and Democrats come together to strengthen our nation’s economy and fix broken policies, they should look no further than repealing the so-called Durbin Amendment to the Consumer Financial Protection Act of 2010.  This ill-conceived provision to regulate debit-interchange fees has led to negative consequences for consumers, low- to moderate-income bank customers and small community financial institutions. It has strong bipartisan opposition in both houses of Congress.

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