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Sen. Durbin's Interchange Fee Amendment Passes Senate on 64-33 Vote

US-CapitolBuilding.jpgIn an article titled "Durbin wins battle to pass 'interchange fee' legislation, 64-33", Silla Brush reports for TheHill.com that Senator Dick Durbin's amendment passed on a 64-33 vote this afternoon in the Senate.

Senator Durbin issued a statement following the amendment's passage:

“Wall Street reform is really about two things: holding the big banks accountable for how they operate and empowering consumers to make good financial choices. Passage of this amendment is a win for the public on both fronts.

Passage of this measure gives small businesses and their customers a real chance in the fight against the outrageously high “swipe fees” charged by Visa and MasterCard. It will prevent the giant credit card companies from using anti-competitive practices, allow merchants to offer discounts to their customers and restore common sense and fairness to this broken system.

By requiring debit card fees to be reasonable, and by cleaning up Visa’s and MasterCard’s worst abuses, small businesses and their customers will be able to keep more of their own money. Making sure small businesses can grow and prosper is vital to putting our country back on solid economic footing.”

In a press release this evening, the National Retail Federation said it "welcomed Senate approval of an amendment to financial services reform legislation that would direct the Federal Reserve to determine “reasonable and proportional” transaction fees for debit cards."

SImilarly, the Merchants Payments Coalition said in a press release that "the measure will ensure the debit card transactions are reasonable and proportional to the cost of processing the transaction."

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