Wednesday: Senate preps for debit-card fee vote

Sen. Dick Durbin (D-Ill.) has urged his colleagues this week to reject the Tester amendment and allow the rule to come into effect in July. During floor debate, he argued that banks collect $1.3 billion each month in debit card fees, which are so high now that merchants often lose money when customers make small purchases using their debit card.

Durbin has proposed an amendment to the Tester language, but is expected to withdraw that amendment Wednesday afternoon. At 2 p.m., the Senate will vote on the Tester language, which is expected to fail in part because it will need 60 votes to pass.