The American Consumer Wins By Dismantling Dodd-Frank

On May 4, the House Financial Services Committee advanced The Financial CHOICE Act, a bill by Chairman Jeb Hensarling (R-TX), which eliminates price fixing and repeals anti-consumer measures in Dodd-Frank. The legislation eliminates the Durbin Amendment, which has saved big retailers nearly $42 billion since its passage in 2010, with little savings to consumers. Hensarling’s bill is a step in the right direction to protect American consumers and small businesses from higher prices and onerous government regulations.

Senate Majority Whip Dick Durbin (D-IL), who introduced the amendment just after the height of the financial crisis in 2010, boasted in an official Senate statement that his bill would give “customers a real chance in the fight against the outrageously high ‘swipe fees’ charged by Visa and MasterCard.”