Ahead of Wednesday’s vote, the authors behind the bill to defer implementation of the Federal Reserve’s proposed debit interchange limits will once again reduce the suggested delay period, Reuters reports.
Sen. Bob Corker (R-TN), who together with Sen. Jon Tester (D-MT) is co-sponsoring the bill, acknowledged the move is in response to current lack of support for the measure, according to The Hill. Having already reduced the proposed study period for the Fed’s debit plan from two years to 15 months, Reuters reports the senators will now likely suggest a six-month examination of the impact of debit swipe fee caps. Click here to read an updated copy of the legislation.
The Senate will take up and vote on the bill from Tester and Corker on Wednesday.
“I realize we don’t have 60 votes in this body to just do away with price-fixing,” Corker told colleagues. “A lot of people believe that there is a problem, if you will, with an almost monopolistic-type atmosphere as it relates to debit cards in general. So what I’ve tried to do is seek a better solution than the one that has come forth.”
The Hill states Andrea Helling, Tester’s spokeswoman, said in an e-mail that his camp feels confident that “in the next 24 hours we will have a bill that can become law.”
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Currently, the Fed’s proposed debit interchange caps are scheduled to take effect July 21.
Sen. Richard Durbin (D-IL), who introduced the amendment that mandated the Federal Reserve to review debit interchange fees, has vowed to oppose any swipe fee delays.
“This so-called compromise is written by the banks, for the banks, and it has no end date, there is no effective date as to when the rule is issued,” Durbin said yesterday in an interview. “There is a guarantee, the way they put it together, that the biggest banks on Wall Street are going to profit from this.”
Click here to read more about the additional changes Tester and Corker are considering to their bill.
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