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House GOP fight delays Dodd-Frank repeal 

May 23, 2017

Rachael Bade, Politico.com

An internal dispute over debit card fees is threatening to stall a top Republican priority.

A fierce internal House GOP dispute over debit card fees is threatening to delay a sweeping Republican bill to scale back banking regulations enacted after the 2008 financial crisis.

The behind-the-scenes tug of war is pitting House Financial Services Chairman Jeb Hensarling (R-Texas), the author of the so-called Financial CHOICE Act, against some of his own committee members — all while an army of lobbyists has stormed the Hill to try to kill or save the legislation.

The fight centers on a single sentence in the nearly 600-page text that would give banks greater freedom to hike debit card fees for retailers, which were capped as part of the 2010 Dodd-Frank law that strengthened banking rules after the 2008 crisis.

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