Tags: Reid | Durbin | Schumer | debit

Reid Sides With Durbin vs. Schumer on Debit Card Bill

Tuesday, 17 May 2011 01:18 PM

By Dan Weil

In a battle over new rules restricting fee banks can charge for debit-card transactions, Senate Majority Leader Harry Reid has chosen the stance of the Senate’s No. 2 Democrat, majority whip Dick Durbin, over that of its No. 3, Democratic Policy Committee Chairman Charles Schumer, The Hill reports. Both Durbin and Schumer hope to succeed Reid as majority leader.

Reid intends to vote with Durbin in favor of the curbs. Sen. Jon Tester, D-Mont., has introduced an amendment that would require the Federal Reserve to delay the new rules on debit-card transaction fees that could take $16 billion of profits a year from banks. The rules were part of the Dodd-Frank financial reform bill passed last year.

“He feels it’s unfair to small businesses,” Reid spokesman Jon Summers said of the Tester amendment.


© 2015 Newsmax. All rights reserved.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved