March 28, 2011
Senator Richard Durbin (D-IL) argued against deferring implementation of the Federal Reserve’s proposed debit interchange caps for the purpose of additional review in an interview with Betty Liu on Bloomberg Television’s “In the Loop.”
“We have had nine Congressional hearings on this [and] three different studies,” responded Sen. Durbin. “The attempt to delay the Federal Reserve issuing a rule to delay the interchange fee is an attempt to make certain that these credit card companies and banks can continue to receive $1.3 billion a month in interchange fees that they impose on merchants and consumers.”
He also reemphasized that the Consumer Federation of America has endorsed the amendment. Watch the video here beginning at 3:05 to listen to Sen. Durbin’s full comments.
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