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Details are beginning to emerge on who will be appearing before the House Financial Institutions and Consumer Credit Subcommittee's February 17 hearing on the Durbin Interchange Amendment regulating debit card swipe fees.
According various news reports, the tentative witness list includes Federal Reserve Governor Sarah Raskin, Visa General Counsel Joshua Floum, 7-Eleven Vice President and Treasurer David Seltzer and Commerce Bank Chief Executive David Kemper. The subcommittee will post the final witness list soon.
Representative Kenny Marchant (R-TX) raised concerns over the Federal Reserve Board's proposed rule on interchange to Chairman Ben Bernanke when he appeared before the House Budget Committee on Wednesday. Marchant also is the second ranking member of the House Financial Institutions subcommittee. Marchant asked Bernanke if the FRB had the authority to delay the implementation of the Durbin Amendment (the final rules are due by April 22 and implementation begins July 21).
EFTA will have a complete recap of the Feb. 17 hearing in next week's posting.
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