Architect of Dodd-Frank repeal bill agrees to key change

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(AP) — The architect of House legislation that would repeal much of the Dodd-Frank law enacted after the financial crisis has agreed to make a key change to the bill, clearing the way for the full House to take up the measure in coming weeks.

The provision in question would have removed a cap on the fee that stores pay large banks when costumers use a debit card.

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But retailers strongly opposed removing the cap, and that opposition has raised concerns for lawmakers hearing from merchants back home.

Rep. Jeb Hensarling, the Republican chairman of the House Financial Services Committee, says he believes a repeal of the cap belongs in the legislation, but he respects that many members of Congress feel differently and he won’t let one provision hinder the bill’s passage.