Peters Calls on Colleagues to Delay Interchange (Misc News: April 6, 2011)
Rep. Gary Peters, D-Bloomfield Hills, has joined three other members of Congress in calling on their colleagues to co-sponsor a bill that would delay the debit interchange rule from taking effect.
"We believe higher costs and less access to the banking system make the Durbin Amendment bad for consumers," the letter says. It's signed by Peters; Rep. Ed Perlmutter, D-Colo.; Rep. James Renacci, R-Ohio, and Rep. Steven LaTourette, R-Ohio.
The Durbin Amendment, a last-minute addition to last summer's Dodd-Frank Wall Street Reform and Consumer Protection Act, would cap debit interchange fees at 12 cents, down from an average of 44 cents under the current system. The law includes a provision exempting small institutions such as credit unions and community banks, but many experts, including Fed Chairman Ben Bernanke, believe the exemption will not work in the marketplace.
Click here to read the letter.