As the House of Representatives prepares for a vote on the CHOICE Act (a financial reform bill), behind the scenes, policymakers are considering the removal of the legislation’s most critical component — a repeal of the Durbin Amendment. The CHOICE Act without Durbin-repeal is like U2 without Bono. Sure ‘The Edge’ can still jam and all…but what’s the point? A bill purporting to create “opportunity for investors, consumers and entrepreneurs” must address the elephant in the room — the multi-billion dollar drain on investment caused by Durbin’s provisions. The Durbin Amendment, passed via Dodd-Frank, set government price controls on how much
