A group of more than 400 retailers have entered the fray over the so-called Durbin Amendment, calling on House Republicans to abandon efforts to repeal the cap on debit card interchange fees.
The retailers, ranging from A&R Super Markets to Zuni Shopping Center, argued the amendment to Dodd-Frank provided significant protection to businesses from the anti-market practices employed by global credit and debit card brands.
The cap was intended to help merchants and consumers as well as lower prices for retail customers. But it hasn't worked that way, according to credit unions, banks and other opponents, who said merchants failed to pass on savings to consumers.
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