The Time to Repeal Durbin is Now: New Survey Underscores Policy’s Failures
New Morning Consult survey data released today confirms the need to end the Durbin amendment, with seven in ten voters unaware of having received a discount at the register since the policy went into effect. Across party lines, voters agree that if merchants aren’t passing along savings from the law, it should be repealed. To date, big box stores have pocketed $42 billion at their customers’ expense. The new polling data found nearly 70 percent of voters say these big box retailers like Target and Walmart are looking out for their own bottom lines, not main street interests.
“Time and time again, evidence shows the Durbin amendment has been a complete failure and the latest Morning Consult polling is no exception,” said Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC). “For six years, big box retailers have broken their promises to lower costs, and consumers, small businesses, community banks, and credit unions are paying the price. Voters recognize the Durbin amendment for what it is: a price control that serves only to pad retailers’ bottom lines. It is time for Congress to act now to end this special interest policy.”
Despite proponents of the Durbin amendment—including big box retailers and special interests groups—saying it would help consumers and small businesses, only the largest retailers have seen any benefits from the policy. These large merchants have pocketed approximately $6-8 billion a year and, as evidenced in the survey, have failed to lower prices. This is in line with a Richmond Federal Reserve study that found only one percent of retailers have lowered their prices as promised since the Durbin amendment’s price controls went into effect. Additionally, by a 4-1 margin, voters say RILA and the other associations pushing to keep this government price control don’t protect main street interests.
EPC urges the immediate repeal of the Durbin amendment and asks Congress to support Section 735 of the Financial CHOICE Act.
To view EPC’s infographic on the polling click here.
Morning Consult, on behalf of the Electronics Payment Coalition, conducted an online survey of 1,970 registered voters from May 16-18, 2017. Results from the full survey have a margin of error of +/- 2%.