WASHINGTON, Oct. 12, 2011 /PRNewswire/ -- Today, the Electronic Payments Coalition announced its support for bipartisan legislation introduced in the House of Representatives to repeal the harmful Durbin amendment on debit interchange. Congressman Jason Chaffetz (R-UT) and Congressman Bill Owens (D-NY) are the lead co-sponsors.
EPC spokeswoman Trish Wexler had the following comments about the bill:
"The Durbin amendment was forced into law despite repeated warnings from consumer advocates, regulators, and economists on the dire consequences that await consumers. We now see this unfortunate situation for consumers playing out in the form of higher costs to own and use a debit card, with no promise from merchants that any of their savings will be passed on at the register. We commend Congressmen Chaffetz and Owens for their efforts to protect consumers, and we urge Congress to act quickly to get rid of this unprecedented and harmful amendment once and for all."
About the Electronic Payments Coalition
The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC's goal is to protect the value, innovation, convenience and competition in today's growing electronic payments system. EPC educates policymakers, consumers, and the media on the system's role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.
SOURCE Electronic Payments Coalition