Tester Offers Compromise on Durbin Delay Bill
May 23, 2011
Sen. Jon Tester, a Montana Democrat who has sponsored legislation that would force a delay in the implementation of swipe fee regulation that resulted from the Durbin Amendment, last week offered a compromise that would reduced the delay. The so-called “stop-and-study” bill that proposes further study on the implications of debit interchange reform initially called for a delay of two years on any Fed rules governing debit swipe fees. Tester, however, in a speech on the Senate floor extended an offer to reduce the study period to 15 months. “I’ve listened to the feedback my colleagues have shared on this issue. I’ve heard their concerns,” Tester said in his speech. “While it’s important to stop and examine the impact of limiting debit card swipe fees – some have said two years is too long. I am willing to adjust my legislation to address these concerns”. Senate Majority Leader Harry Reid (D-Nev.) has thrown his support toward Sen. Durbin, saying he will vote against Tester’s bill if it comes to a vote.