Senate Defeats Jon Tester’s Attempt To Kiss Up To Big Banks With Swipe Fees

3:13 pm EST June 8th, 2011 | Business, Democrats, Economy | 6 Comments

Jon TesterWhen a Dem being a toady for big banks loses a legislative battle, it’s just as good as a GOP bill going down in flames.

In a highly anticipated vote, the Senate rejected by 54 to 45 an amendment from Sens. Jon Tester, D-Mont., and Bob Corker, R-Tenn., on Wednesday that would have delayed a swipe fee regulation from Sen. Dick Durbin, D-Ill.

The move decides the fate of a $14 billion a year industry and ends another chapter in the intense lobbying war between retailers and bankers in which millions of dollars have been spent on print, television and radio ads within the Capital Beltway and beyond targeting key member states.

Durbin caught the banking industry by surprise last year when he convinced 64 senators to support adding his measure to the Dodd-Frank financial reform law. It requires the Federal Reserve Board by July 21 to ensure fees banks charge merchants for debit card purchases are “reasonable and proportional.”

The Fed has proposed slashing the charge per transaction to 12 cents from an average of 44 cents but has not issued a final rule.

Tester is such a disappointment. He’s marginally better than Conrad Burns, the Republican he replaced, but he’s turned out definitely not to be the populist-leaning senator he originally ran as.

Bob Corker was his co-sponsor, but I can’t blame Corker for doing the dirty work of big banks… that’s what Republicans go to Washington to do.

Topic:

Related Posts

  • No Related Post
«
»

6 Responses to “Senate Defeats Jon Tester’s Attempt To Kiss Up To Big Banks With Swipe Fees”

  1. jbl says:
    June 8, 2011 at 3:52 pm

    Tester is such a disappointment. He’s marginally better than Conrad Burns, the Republican he replaced.

    Just another DINO.

  2. Dr. Monkey says:
    June 8, 2011 at 4:25 pm

    When you said, “…he’s turned out definitely not to be the populist-leaning senator he originally ran as,” I swear I thought you were talking about Obama.

  3. SaveFarris says:
    June 8, 2011 at 4:30 pm

    “Montana is full of community bankers who argue the Durbin measure could put them out of business. Tester said regulators needed to ensure consumers and community bankers were not unfairly hurt.”

    Democrats 2012: Destroying Small Banks as Fast as We Can

  4. Oliver Willis says:
    June 8, 2011 at 8:09 pm

    “Small banks” = you’re even dumber than Tester.

    I swear I thought you were talking about Obama.
    Obama never ran as a populist (would I prefer he was one, yes, but he never ran as one)

  5. Quaker in a Basement says:
    June 8, 2011 at 8:32 pm

    Farris, admit it. You have no clue what this bill is actually about, do you?

  6. C.S.Strowbridge says:
    June 9, 2011 at 2:46 am

    Quaker in a Basement says: “Farris, admit it. You have no clue what this bill is actually about, do you?”

    He has no clue about anything.