House Republicans are expected to introduce an updated bill reshaping the financial regulatory system, and the prospect has kicked off what could be one of the largest industry-versus-industry lobbying battles ever.
Lobbyists expect the House Financial Services Committee to release a new version of last year's Financial Choice Act in a matter of weeks. The bill would undo many of the regulations in President Barack Obama's 2010 Wall Street reform law and touch on almost every aspect of the financial system.
Yet one provision unrelated to the financial crisis promises to generate the biggest lobbying effort on both sides.
The previous version of the bill, introduced last summer, would repeala cap on debit card swipe fees instituted as part of the 2010 Dodd-Frank law.
Repealing the provision, known as the Durbin Amendment, pits retailers, restaurants, convenience stores and others that process card transactions against banks. Billions of dollars are on the line annually.
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01.15.2025