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Corker: biggest hurdle for swipe fee delay amendment is finding right bill for it

May 18 2011 Ted Knutson, Compliance Complete

Senator Bob Corker (R-TN), co-author with Jon Tester (D-MT) of an amendment to delay by two years the Federal Reserve's power to restrict swipe fees, told Thomson Reuters Tuesday the biggest issue is finding a "must pass" bill to attach it to. The measure would postpone the Fed’s ability to restrict the fees banks charge to retailers for debit card transactions which was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act as the so-called Durbin Amendment. Corker refused to say whether he thought he and Tester had the 60 votes needed to ensure the passage of the amendment because making such a pronouncement might ratchet up the opposition. Senate Majority Leader Harry Reid (D-NV) said last week he planned to get the amendment to the floor soon even though he is personally opposed to it.

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