Will the Tester Amendment Be Part of the Small Business Bill?

More than a month has passed since Federal Reserve Chairman Ben Bernanke wrote Congress about missing the April deadline to issue the final rule on debit card interchange and network exclusivity. "Delay Durbin" proponents and opponents have been locked in battle on Capitol Hill, in the news media and in the courts. At this writing, we do not have a winner.

Still up in the air is whether Montana
Democrat Jon Tester's "stop and
study" bill regarding the
Durbin Interchange Amendment will
be part of any small business bill
that makes it out of the Senate.

Congress returned to work after a two week recess. Sen. Jon Tester's (D-MT) amendment to "stop and study" the Durbin Amendment remains pending to S. 493, a small business innovation bill. The Senate has had S. 493 under consideration since mid-March in an off-and-on capacity. Sen. Majority Leader Harry Reid (D-NV) sought to end debate on S. 493, but the vote failed 52-44 (60 votes were required to end debate). Once the vote failed, the Senate tabled further consideration of S. 493 while both sides attempt to resolve several "contentious' amendments such as regulatory reform and budget cuts. The Tester amendment remains in limbo.


More House members signed on as cosponsors to H.R. 1081, the House version of Sen. Tester's efforts. The total is more than 90 as of this week. Two Republican members from South Carolina (Reps. Joe Wilson and Jeff Duncan) removed their names as cosponsors recently suggesting the tug of war between the financial services industry and retail community is alive and well.


Back to the Senate side, leaders will likely reach a deal on final amendments to the small business bill in the coming days or decide to shelve it all together. My sense is a deal will be struck, but the question remains whether a vote on the Tester Amendment is part of the deal. If it doesn't happen with the small business bill, Tester will look for another legislative vehicle as the clock ticks toward July 21.

Will the Tester Amendment Be Part of the Small Business Bill?