Senate Blinks on Durbin Delay Timeframe

by Mercator Advisory Group 0

Putting to rest rumors that have been swirling around the Hill regarding a change in the Senate bill (S. 575) to delay the Durbin Amendment, Senator Testor announced today that he is agreeable to reducing the timeframe in the bill from two years to 15 months.

“Tester noted that the move is designed to attract the 60 votes necessary to overcome a filibuster by supporters of the Durbin debit card price fixing amendment.

“Almost every day, a new voice speaks out in support of protecting consumers, community banks and credit unions,” Tester said. “We’re close to having the votes now, but some have expressed concern about the length of the review process. The fact is, how long the study takes is not as important as how thorough it is. Once the facts are out, I have no doubt that reasonable people will agree about how dangerous these price caps are.”

What’s most likely driving this change is a search for the right formula to win over the required voting block. Even though the majority leader, Senator Reid, has agreed to putting the bill up for a vote, he has not thrown his weight behind it and the time is quickly coming for this bill to sink or swim.

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