November 29, 2016
The Electronic Transactions Association (ETA), a group that lobbies government officials on behalf of the payments industry, has asked the newly elected President of the United States to “create a policy environment that supports the free flow of capital and ideas so that innovation can pave the way for a flourishing U.S. economy.”
In a letter to President-elect Donald Trump and his transition team, ETA CEO Jason Oxman urged the new administration to support industry-led initiatives like the ongoing migration to the EMV standard. Oxman outlined other ETA priorities it hopes the new president will give attention to including the ongoing development and implementation of tokenization technology, establishing uniform data breach notification and data security standards on a national basis and reconfiguring the leadership of the Consumer Financial Protection Bureau as a five-person board rather than under a single director.
One payments issue President Trump and his team have been considering is a repeal of the Dodd-Frank Act—financial reform legislation passed in 2010 that included the Durbin Amendment capping the interchange issuers can charge on debit transactions and establishing debit network routing requirements. Published reports suggest the Trump transition team has been in contact with House Financial Services Committee Chairman Jeb Hensarling (R-Texas).
“The president-elect has fortunately been outspoken—as I have been—on the need to repeal and replace Dodd-Frank, so I’m very encouraged by that,” Hensarling said in a recent interview. “I have had a number of meetings with his transition team on the issue. I know, personally, it is something that Vice President-elect Pence is very enthusiastic about.”