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Monday, June 27, 2016

Disputes rekindled by Financial CHOICE Act

Controversy surrounding a new piece of legislation that would repeal and replace the 2010 Dodd-Frank Act has escalated tensions between merchant and payments industry advocates. House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, introduced the legislation, dubbed the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act, in June 2016.

If passed, the bill would usher in a post-Dodd-Frank era marked by entrepreneurial spirit and sweeping democratic reforms, according to some payments analysts. Retailers, on the other hand, were swift to condemn the proposed legislation.

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