Protecting the Durbin Amendment is Critical to America’s Small Businesses
As the U.S. economy continued to
struggle to recover from near financial collapse, lawmakers took a much-needed
shot at financial regulatory reform last year. Thankfully, their efforts
were largely focused on helping the backbone of this economy: small
businesses. And when President Obama signed the Dodd-Frank Act into law
last July, it included important bipartisan reforms to excessive debit card
swipe fees that have plagued America’s small businesses for ages. As a
member of the Board of Directors of the Fallbrook Chamber of Commerce, I
applaud their efforts to rein in these out of control fees and protect
consumers. However, now Wall Street banks and credit card giants have launched
a massive campaign to undo Congress’ good work and protect the profits and
perks that they have long enjoyed as a result of these outrageous fees.
We cannot let them succeed.