Measure Twice, Cut Once

As I mentioned in a previous blog, budget wrangling would consume Congressional energy and compress floor time for policy issues like the Durbin Interchange Amendment. This week certainly was no exception. And, with passage of legislation to fund the government through the end of the fiscal year, Congress is now taking its traditional April recess and won't return to Washington until May 2.

The Senate continued off and on consideration of a small business bill (S. 493) for the third consecutive week. The Tester Amendment to delay the Federal Reserve rule on debit card interchange remains pending to S. 493, but so do several other amendments. Senate leadership and the bill sponsors continue negotiations on the remaining amendments to be brought to a vote before final passage.

Yesterday, Sen. Tester (D-Montana) took advantage of some floor time to pitch his amendment once again. In a reasoned and deliberate speech to his colleagues, he defended his request to delay the implementation of Durbin so that lawmakers could get it right. He used the old carpenter metaphor of "measure twice, cut once." Speaking for rural America he defended the proposed delay so that interchange regulation will not adversely affect credit unions and community banks, which are an important part of the financial system for rural America. Take a look:



Sen. Durbin perhaps was too busy excoriating JPMChase CEO Jamie Diamond to jump to the floor and rebut Tester.

The House companion to the Tester effort (H.R. 1081) gained several more cosponsors this week (currently standing at 85). At this writing, the House appears likely to continue its position that the Senate act first.

Measure Twice, Cut Once

Tester and Frank Drive News of the Week

Frustration defined is watching the U.S. Senate trying to pass bill on the Floor. The Senate's attention this week was dedicated to the small business bill (S. 493) and government shutdown/budget talks. Sen. Jon Tester's amendment (#267) to delay implementation of the interchange debit card rules remains pending to the small business bill, but no agreement has been reached to call it up for a vote at this writing.

Sen. Tester took both to the Senate Floor and the media airwaves to tout his effort to delay and study the debit card rules. On CNBC's Squawkbox, Tester expressed confidence that he will have 60 votes in support of his amendment when called on the Floor. Sen. Richard Durbin also spoke on the Floor and with CNBC against any effort to delay implementation of his amendment.

On the House side, Rep. Barney Frank, former chair of the House Financial Services Committee, and one of the namesakes of the sweeping Dodd-Frank Wall Street Reform Act, made news by supporting legislation that would delay implementation of the Durbin Amendment. The House bill (H.R. 1081) gained more bipartisan co-sponsors this week (current total is 71). Frank's support for delay makes it a near certainty the House can pass a bill with a strong, bipartisan majority.

This takes brings us back to the Senate.. The Senate Floor schedule for next week has not been announced and it is unclear how a possible government shut down will affect Floor activity. We do know both the House and Senate are scheduled for a two week recess (Apr. 18-29). Again, a government shutdown could call into question that schedule as well.

The legislative process, above all else, requires patience sprinkled with some humor.

Tester and Frank Drive News of the Week