Durbin Offers Interchange Amendment to Reform Package
May 10, 2010
On Friday, Sen. Dick Durbin (D-Ill.) fired the latest salvo in the interchange debate by introducing amendments to Wall Street reform legislation currently under consideration in the U.S. Senate. “Interchange fees need to be fairly and transparently negotiated between the merchants and the credit card companies who represent the banks’ interests so working Americans don’t get shortchanged,” said Durbin. “The setting of non-negotiable rates by companies with overwhelming market power not only represents a failure of the market, it pinches the pocketbook of every American.” Durbin already is the sponsor of the Credit Card Fair Fee Act of 2009, currently under consideration in the Senate. S. 1212 is solely concerned with interchange, while his latest efforts would be part of a larger bill—the Reforming American Financial Stability Act introduced by Senate Banking Committee Chairman Christopher Dodd (D-Conn.)—looking at overall financial reform in the U.S.