Durbin: Let’s Wait To See Fed’s Final Debit Rule

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WASHINGTON – Waiving a debit card issued by Congressional FCU, where he is a long-time member, Illinois Senator Richard Durbin urged Senate colleagues this afternoon to wait to see the details of the Federal Reserve’s final rule on debit fees before they vote to amend the rule.

Durbin’s plea came as two colleagues, Montana Democrat Jon Tester and Tennessee Republican Robert Corker changed their own proposal to delay the debit rule, but their new proposal would effectively delay the debit rule for as long as two years–as the original one--while allowing the Fed to include a variety of additional costs in setting a cap on debit fees.

But Durbin, who authored the amendment to last year’s Wall Street reform bill that bears his name, rejected the proposal. “It’s not a compromise,” said Durbin, waving his credit union debit card.

He called on his fellow senators to wait until after the Fed issues its final rule–expected shortly if the Senate declines to delay the rule–before passing judgement. “At a minimum, let’s wait,” said Durbin.

A vote on the delay, which has been proposed as an amendment to a bill reauthorizing the Economic Development Program, is expected tomorrow or Thursday.

 

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