Earlier today the US Senate failed to pass an amendment sponsored by Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) that would have protected small debit card issuers and delayed the harmful Federal Reserve proposed rule on debit interchange for one year. PACB President & COO Nick DiFrancesco said in response to the vote, “The Senate had the opportunity to fix a major policy mistake by delaying the implementation of the Durbin provisions in order to study the interchange issue.” “Today’s vote undermines our payment system and is a direct slap in the face of consumers and the community banks they rely on for financial independence,” DiFrancesco continued.
Thank You Senator Toomey
Pennsylvania’s US Senators split their votes with Pat Toomey (R-PA) voting for the legislation and Robert P. Casey, Jr voting against the bill. The final vote was 54 yeas and 45 nays. 60 votes were need to pass the amendment.