Convenience Store News - July 2017 - 12

INDUSTRYROUNDUP

Lawmakers Vote to Protect
Debit Swipe Fee Reform

Lack of repeal support threw the Financial CHOICE Act into jeopardy

T

he House of Representatives approved the
Financial CHOICE Act, and to the relief of
retailers, the legislation left debit swipe fee
reform in place.
The Financial CHOICE Act aims to replace the
Dodd-Frank Wall Street Reform and Consumer
Protection Act. However, lawmakers made the move
to strike the repeal of the debit fee cap after confirming that the proposal would put support for the overall
legislation in jeopardy.
"NACS applauds the fact that clearer heads in
Congress have prevailed, and the House has protected
debit swipe fee reform. Eliminating this reform would
have been an endorsement of duopoly price fixing of
swipe fees by the credit card behemoths and would
cost consumers and Main Street retailers $8 billion
per year," said Lyle Beckwith, senior vice president of
government relations at NACS, the Association for
Convenience & Fuel Retailing.
Financial Services Committee Chairman Jeb
Hensarling (R-Texas) was the driving force behind the
Financial CHOICE Act, which has been on the table
since last year.

12 Convenience Store News | JULY 2017 | WWW.CSNEWS.COM

"Every promise of Dodd-Frank has been broken,"
Hensarling said. "Fortunately, there is a better, smarter
way. It's called the Financial CHOICE Act. It stands for
economic growth for all, but bank bailouts for none.
We will end bank bailouts once and for all. We will
replace bailouts with bankruptcy. We will replace economic stagnation with a growing, healthy economy."
With swipe fee reform protected, retail groups
threw their support behind the legislation. The final
House vote on the measure came June 8.
"In the wake of the financial crisis, it was vital for
Congress to act to assure the American people that our
financial markets were stable and that a new regulatory
apparatus would prevent another systemic problem,"
said Austen Jensen, vice president for government affairs
at the Retail Industry Leaders Association (RILA).
"Preserving swipe fee reform was a big win for
retailers and consumers across the country. No retailer - big or small - received a bailout during the
Great Recession, and we support provisions of the
CHOICE Act that seek to ensure that Americans are
never again forced to bail out failing financial institutions," Jensen added.


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Table of Contents for the Digital Edition of Convenience Store News - July 2017

Contents
Convenience Store News - July 2017 - Intro
Convenience Store News - July 2017 - Cover1
Convenience Store News - July 2017 - Cover2
Convenience Store News - July 2017 - 3
Convenience Store News - July 2017 - 4
Convenience Store News - July 2017 - 5
Convenience Store News - July 2017 - Contents
Convenience Store News - July 2017 - 7
Convenience Store News - July 2017 - 8
Convenience Store News - July 2017 - 9
Convenience Store News - July 2017 - 10
Convenience Store News - July 2017 - 11
Convenience Store News - July 2017 - 12
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Convenience Store News - July 2017 - 15
Convenience Store News - July 2017 - 16
Convenience Store News - July 2017 - 17
Convenience Store News - July 2017 - 18
Convenience Store News - July 2017 - N1
Convenience Store News - July 2017 - N2
Convenience Store News - July 2017 - 19
Convenience Store News - July 2017 - 20
Convenience Store News - July 2017 - 21
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Convenience Store News - July 2017 - Cover3
Convenience Store News - July 2017 - Cover4
Convenience Store News - July 2017 - U1
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