The Hill, a publication for and about political leaders and their staff on Capitol Hill, reports that Senator Schumer (D-NY), the 3rd ranking Democrat in the U.S. Senate, is about to oppose Senator Durbin (D-IL), the 2nd highest Democratic senator. As reported, Schumer will likely back legislation to defer implementation of the Federal Reserve’s debit interchange limits. The move pits him against Durbin. Reportedly, the interchange delay legislation introduced by Senator Tester (D-MT) and a group of bipartisan lawmakers, has “strong backing from banking interest in New York.” Durbin and Schumer are seen as rivals by many to succeed Senate Majority Leader Harry Reid (D-NV).
At a recent event, Schumer declared that the impact of debit interchange regulation had not been examined closely enough ahead of the Dodd-Frank bill being signed into law. The Hill quotes Schumer as saying “On this particular issue, because there wasn’t study, there is some momentum, led by Sen. Tester, who has done a great job, to at least delay it and see how it’s affected.”
As reported earlier, a Tester spokeswoman says the lawmaker is confident of his interchange delay bill getting enough votes once it comes to the floor.
Read the Hill article in entirety.
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