A proposal by Senator Jon Tester, a Montana Democrat, could be introduced as soon as today, according to his spokesman Andrea Heller. Tester’s bill may seek a two-year delay. House Republicans are planning a bill that would impose a shorter hold, Representative Randy Neugebauer said yesterday.
“In the House bill you’re going to see a one-year delay and a study of what should be the composition of an interchange fee,” Neugebauer, a Texas Republican who leads a Financial Services subcommittee, said in an interview.
According to this story, the Senate and House versions will differ, but it is important to note that both houses appear to be coordinating their efforts. However, this week is expected to see a number of challenges to other components of the Dodd Frank bill, and those challenges with the largest amount of political capital should rise to the top.
In lieu of an outright delay, some insight into a potential compromise might be found in the commentary letter written by the FDIC and signed by Sheila Blair, which can be found here http://politi.co/hHmq7E. In this letter, the FDIC lays out a plan to amend the Durbin Amendment based on many of the concerns voiced around the industry.
However, merchants are fighting back, and a bill is not a law – stay tuned.
