WASHINGTON – Today U.S. Representative Jeb Hensarling (R-TX) officially introduced legislation, the Financial CHOICE Act, that seeks to repeal the Durbin Amendment.

Since implementation of the Durbin Amendment, which was signed into law in 2010 as part of the Dodd-Frank Wall Street Reform Act, debit reform has saved consumers nearly $6 billion per year and supported more than 37,000 jobs per year. In recent months, NACS has alerted convenience and fuel retailers that Hensarling, who is also chairman of House Financial Services Committee, has been garnering support for his bill. Earlier this week more than 400 retailers, including many NACS members, sent a letter to Congress asking them to protect debit card reforms.

Hensarling announced Sept. 8 that the House Financial Services Committee will begin meeting on Tuesday, Sept. 13 to debate the Financial CHOICE Act, consider possible amendments and vote on the legislation.

The Texas representative is a staunch supporter of repealing debit reforms contained in the Durbin Amendment. On his website, Hensarling links to an article that says the “real beneficiaries of the Durbin amendment were not consumers but Durbin’s political allies—the big retailers.”

NACS is asking convenience retailers to reach out to their representatives and encourage them to oppose the Financial CHOICE Act as long as the provision to repeal the Durbin Amendment remains. In just a few minutes, industry stakeholders can send a letter to their members of Congress telling them how Hensarling’s legislation would affect their business and their customers.