House Financial Services Committee ranking member Barney Frank (D-MA) said Tuesday he supports delaying the Federal Reserve's proposal to restrict the fees banks can charge retailers for processing debit-card transactions.
Looking ahead to potentially rescinding the Fed's authority under the so-called "Durbin amendment" to the Dodd-Frank Wall Street Reform and Consumer Protection Act, Frank said, "This is the only part of the financial reform bill that needs to be amended."
When told of Frank's position on the amendment he wrote, assistant Senate majority leader and Appropriations Committee financial subcommittee chairman Dick Durbin (D-IL), told Complinet he still hopes Congress will not delay or repeal the provision.
Durbin said curtailing the Fed's authority to bring the so-called "swipe" or interchange fees closer to their cost would be a serious mistake that could cost consumers as much as $1.3bn a month or more. He is confident the Fed will have swipe-fee limits in place
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