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Democracy Institute: Dick Durbin’s ‘Reverse Robin Hood’ Economics
Robin Hood took from the rich to give to the poor. A pivotal piece of legislation bearing the imprint of Democrat Richard Durbin suggests the Illinois senator, by contrast, is a fan of “reverse Robin Hood economics” — that is, taking from less fortunate consumers to boost the profit margins of the nation’s largest retail chains. Self-styled “progressives,” such as Durbin, always stress their compassion for the Average Joe, along with their antipathy toward private companies, who allegedly pay their employees as little as possible while charging their customers the highest prices possible. Most of these progressives, however, actually support terribly regressive economic policies, from high minimum wages to closed union shops to protectionist trade measures. Continue Reading
NAFCU: Economic Monitor finds support for CHOICE Act, Durbin repeal
NAFCU’s latest Economic & CU Monitor survey results, now available to member credit unions, show support among respondents for Congress’ move to implement the regulatory relief reforms found in the Financial CHOICE Act (H.R. 10), particularly the proposed repeal of the Durbin interchange amendment. H.R. 10 recently passed the House Financial Services Committee and awaits action by the House. Reports indicate that a vote on the bill could come as early as next month. Continue Reading
Rep. Budd: A Vote To Keep Durbin Amendment Violates Core Free-Market Principles
Representative Ted Budd (R-NC) spoke on the House floor on the importance of preserving the Durbin Amendment repeal in the Financial Choice Act. Two weeks ago, the Financial Choice Act passed the House Financial Services Committee with a full repeal of the Durbin Amendment included. Pro-price control groups are fighting to strip the provision through a procedural technique in the House Rules Committee, a closed-door process that, if successful, will not allow Congress to sidestep a public debate on the policy. Read Rep Budd’s full remarks below. Watch his speech here. Continue Reading
Heritage Action’s Sondra Clark: Dodd-Frank Has Crippled Our Economic Recovery
Have you noticed that free checking accounts are now nearly nonexistent, and locally owned stores are increasing the $5 minimum charge on debit cards? These are not the result of some financial conspiracy. They are a direct result of Dodd-Frank regulations. Continue Reading
CUNA: CUNA, leagues continue Durbin repeal push w/ action alert
CUNA and the leagues issued an action alert Monday to ensure language repealing the Durbin amendment remains in the Financial CHOICE Act as it moves to the House floor. The alert calls on credit union stakeholders to write to members of Congress to push for Durbin repeal, and outlines the ways it has harmed credit unions and consumers. Stakeholders can use CUNA’s Voter Voice system to send a message to their member of Congress. Continue Reading
Madison Project: An Update From Our Capitol Confidentials: The Durbin Amendment
There are whispers of an attempt, by some in House leadership, to shield members from a tough vote on the Durbin Amendment this upcoming week. What is the Durbin Amendment, you ask? Continue Reading
Megan Barth: Fixing Dodd-Frank From the Bottom Up
The fact that the House managed to cobble together the votes needed to pass Obamacare repeal should be a lesson to the House Leadership, which has for too long attempted to legislate from the top down. By giving conservatives like Rep. Mark Meadows (R-NC) a seat at the table, they managed to pass a bill that many in the media were already pronouncing dead. It is a lesson that did not escape House Financial Services Committee Chairman Jeb Hensarling (R-TX). Hensarling is stewarding the passage of Dodd-Frank reform legislation in the House. He crafted a true conservative reform bill that will create jobs, lift job-killing red-tape, and help get our economy moving again. Continue Reading
NBCC: Budd stands up for low-income consumers
Sometimes in Washington, D.C., laws are passed by Congress without considering the negative effects they might have on Americans. More often, potential negative effects are known, but the groups affected are small and not represented by expensive lobbyists. The so-called Durbin Amendment, which put government price controls on the fees retailers pay on debit card transactions, is one such example. Continue Reading
FreedomWorks: House Must Repeal the Durbin Amendment in Financial CHOICE Act
There has been much debate over the past week about the Financial CHOICE Act introduced by Chairman Jeb Hensarling (R-Texas). The bill, which FreedomWorks supports, would significantly reform the Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed in 2010 to purportedly address the causes of the 2007-2008 recession. One of the more important pieces of the CHOICE Act is its repeal of the Durbin amendment. The amendment has become a costly part of the legislation that is causing a drag on the financial sector of the economy, and it needs to be repealed. Continue Reading
NTU: Statement on the CHOICE Act and Durbin Amendment
NTU President Pete Sepp issued the following statement on the CHOICE Act: “Thanks to committee passage of the Financial CHOICE Act, the full House of Representatives now has an opportunity to advance genuine reforms that will protect taxpayers, empower consumers, boost small businesses, and free our economy from the disastrous Dodd-Frank law. Continue Reading