Johnson Votes in Favor of Tester Amendment
Senator Ron Johnson (WI) issued the following statement regarding the Senate vote on the Tester amendment today:
“The problem with both the Durbin and Tester Amendments is that neither one of them solves the problem. In the end, I decided to vote for the Tester Amendment to give Congress time to develop a real solution. The fact that the Durbin Amendment prevailed will hopefully bring the banks and retailers together to work out a solution on interchange fees for both credit and debit cards that is fair to both parties.
“A real solution will involve transparency of fees to the consumer, the ability of retailers to post fees and be selective in the acceptance of cards, and a limitation on the ability of the card companies to impose interchange contracts on retailers. I look forward to working with my colleagues in the Senate and representatives of the banks and retailers to find that solution.”
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