Senator Jon Tester (D-MT) plans to introduce a bill this week requesting that the Federal Reserve defer new restrictions on debit card fees for two years, according to Barron’s.
The New York Post reported earlier this week that Sen. Bob Corker (R-Tenn.) and House Rep. Shelley Moore Capito (R-WV) are also among those leading the fight to delay the debit swipe fee caps. (Related Article: Sources: Lawmakers Assemble Bill to Kill Fed’s Debit Rules)
“Senator Corker doesn’t believe the federal government should be telling private companies what they can charge for goods and services,” said Laura Lefler Herzog, a spokeswoman for Corker, according to the Post. “The Durbin amendment was rushed through and not fully thought-out, and the result is a piece of legislation that will have numerous unintended consequences. We’re working with others to determine the best approach to address this issue.”
Twelve cents per transaction is the most banks could earn from merchants under the Fed’s proposed debit interchange rate. Click here to read more on efforts to delay implementation of the Fed’s debit interchange plan.
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MasterCard President Tells FOX News Why Consumers Should Care about Durbin Debate
Survey: Fed Debit Card Rule Will Harm Community Bank Customers
Official Comments on Fed’s Debit Plan from Congress, Credit Unions and More
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Debit Card Interchange Fees Plummet Under Fed’s Proposed Rules
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