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Wednesday, April 27, 2011
Tuesday, April 26, 2011
A Tester Vote Could Be a Week Away
Could a vote on delaying implementation of the Durbin Interchange Amendment be far off? According to The Las Vegas Review Journal, maybe not.
Senate Majority Harry Reid continues to work with both Sen. Jon Tester, D-Montana, and Senate Whip Dick Durbin, D-Illinois, on the details of Tester's bill, which would delay implementation of Durbin's long-sought cap on debit card interchange, says the Review Journal.
The Senate will try to finish consideration of its small business bill (S. 493) the week of May 2. The article suggests a vote on the Tester amendment is likely.
On the House side, the Financial Services Committee released a tentative May hearing/mark up schedule. Rep. Shelley Capito's bill (H.R. 1081) is nowhere to be found. The House continues, it appears, to be content to let action happen on the Tester Amendment first.
DIA.org will report on whether Federal Reserve Chairman Ben Bernanke provides any information on the final rule's timing at his press conference--as well as the Senate's floor schedule for May 2.
No News Is...No News
Hard news on debit card interchange was hard to come by this week as Congress finished its first week of recess and the Federal Reserve's April 21 deadline for issuing a final rule came and went like a passing stranger in a crowd.
April 21 was to be the critical day in the life (or death) of the Durbin Amendment. "Delay Durbin" proponents, Sen. Durbin himself and the courts considering the TCF lawsuit all are awaiting a final rule before calculating next moves. We all know Chairman Bernanke told Congress weeks ago the Fed would not meet the Dodd-Frank April 21 deadline, but no one (including
Bernanke?) has any firm guess on when exactly the Fed will issue the final rule. Bernanke conducts his first ever "press conference" next week. Stay tuned here to see if he is asked about the final rule's timing and if he actually "makes news" here.
Monday, April 18, 2011
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.
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.
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