Two legislators have announced they will file a bipartisan bill in the House to repeal the Durbin amendment and remove its cap on debit card interchange.

Rep. Jason Chaffetz (R-Utah) and Rep. Bill Owens (D-N.Y.) said their measure would restore balance to the electronic payments system.

"This is a perfect example of the dangers of price controls and the inefficiency of government intervention in the free market," said Chaffetz. "The Durbin amendment is an affront to consumers and the banking industry. These legislatively enacted price controls have compelled banks to charge consumers higher, and in some cases new, fees to make up for lost revenue."

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