Senator Chris Dodd has joined Congressman Barney Frank in expressing concern about the debit-related provisions in the sweeping legislation that bears their names.
In an interview with the Wall Street Journal published earlier today, Senator Dodd tells the Wall Street Journal that “[the ‘interchange’ proposal dealing with credit and debit card fees paid by retailers] is maybe one where the Fed is overreaching.”
In fact, the Senator goes on to acknowledge that—while he did vote for the original Durbin amendment—he “did so with some reluctance because [he] wasn’t sure that we were getting it right.”
If the two namesakes of the Dodd-Frank bill are already expressing their own doubts about the specifics of the Durbin amendment, let’s hope the 112th Congress will take action to re-examine these harmful debit provisions.
Posted by: Will Valentine, Visa Corporate Relations on December 21, 2010 at 3:24 pm