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Sens. Tester, Corker introduce bill to stop interchange rule

ABA applauds introduction of legislation to delay interchange rule
By Frank Keating, ABA President and CEO

“The American Bankers Association is grateful for the willingness of Sens. Tester, Carper, Coons, Nelson, Corker, Kyl, Lee, Roberts and Toomey to reconsider the harmful unintended consequences that will result from the Federal Reserve's proposal to implement the Durbin amendment.

“The legislation introduced by these Senators today rightly recognizes that the Fed's rule will cause significant and immediate harm to community banks, consumers and the broader economy. Various concerns over the Fed's proposal have been raised in recent weeks by bank regulators, including Fed Chairman Ben Bernanke and Sheila Bair, chairman of the Federal Deposit Insurance Corporation, and by numerous lawmakers from both sides of the political aisle.

“The clear implication is that more time to study the impact of this provision is definitely warranted, especially considering that the Durbin amendment was adopted at the 11th hour, without hearings, committee action or informed debate.

“It is for these and other reasons that we support S. 575 and are thankful that the Senate has taken the first step toward stopping the Fed's rule and thereby protecting consumers, banks and the broader economy.”

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CLICK HERE to read press release from the cosponsors.

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