A late addition to a Republican financial reform bill threatens to spark a major lobbying battle between banks and retailers, adding legislative jockeying to the GOP's efforts to highlight their election-year agenda.
Lobbyists on both sides are gearing up to contest a provision in a House Financial Services Committee legislative package that would repeal a cap on debit transaction fees put in place by the 2010 Dodd-Frank financial reform law.
Known as the "Durbin Amendment" for its sponsor, Illinois Democratic Sen. Richard Durbin, the existing law might not catch the attention of voters concerned about Wall Street bailouts. But it's of overriding importance to the banking sector and businesses with customers who pay with debit cards, including grocery stores, retailers, convenience stores and gas stations.
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