Sen. Richard Durbin (D-Ill.) is vowing to fight a renewedeffort to repeal the cap on debit card interchange fees – a part ofthe Dodd-Frank Act that is known as the Durbin Amendment.

“Repeal of the Durbin Amendment will not happen on my watch,”Durbin (pictured) said after Rep. Randy Neugebauer (R-Texas)introduced H.R. 5465, which would repeal the cap.

The cap was intended to help merchants and consumers and lower prices. Butit hasn't worked that way, according to credit unions, banks andother opponents, who said merchants failed to pass on savings to consumers. Financial institutionspraised Neugebauer's repeal legislation.

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