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Durbin wins battle to pass 'interchange fee' legislation, 64-33

The Senate on Thursday passed controversial legislation clamping down on fees that card issuers charge merchants, handing Senate Majority Whip Dick DurbinRichard (Dick) Joseph DurbinAmerica’s waning commitment to the promise of the First Amendment Senate rejects Trump immigration plan What to watch for in the Senate immigration votes MORE (D-Ill.) a major victory.

As part of debate on Wall Street overhaul, the Senate passed, 64-33, legislation championed by Durbin that drew significant Republican support. Ten Democrats opposed the legislation, while 17 Republicans crossed the aisle to support a bill that aims to rein in fees placed on debit cards.

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Durbin earlier on Thursday railed on the bank lobby for opposing the legislation. The Independent Community Bankers of America, Credit Union National Association and National Association of Federal Credit Unions (NAFCU) loudly opposed Durbin's measure.

"It is a shame that their attempt at getting back at big banks and large credit card companies has spilled over to credit unions and community banks," said Dan Berger, executive vice president at NAFCU. "This will do nothing for consumers but go straight to the bottom line of the big box stores and giant retailers."

Durbin overcame the lobbying to pass legislation that requires the Federal Reserve to issue rules on swipe fees for debit cards to ensure fees are "responsible and proportional" to processing costs. The legislation does not ban swipe card fees. Durbin had won strong backing from merchant and retail groups. Durbin said the restrictions would not apply to banks and credit unions with $10 billion or less in assets.

"It wasn't introduced as a partisan amendment," Durbin said Thursday before the vote. "I brought this because it is a small business, retail amendment that I think is valid and just."

Rep. Peter WelchPeter Francis WelchEx-rep. is still costing taxpayers billions in prescription fees Senators offer bill to close rural-urban internet divide Clinton mulls role in 2018 midterms MORE (D-Vt.), who is a strong supporter of efforts to rein in card fees, praised the Senate vote.

"This momentous, overwhelming vote sends an unambiguous message to credit card companies that the American people have had enough of swipe fees and have had enough of cash register rip-offs," Welch said.

Senate Democrats opposing the amendment were: Daniel Akaka (Hawaii), Max BaucusMax Sieben Baucus2020 Dems pose a big dilemma for Schumer Steady American leadership is key to success with China and Korea Orrin Hatch, ‘a tough old bird,’ got a lot done in the Senate MORE (Mont.), Evan Bayh (Ind.), Tom CarperThomas (Tom) Richard CarperTrump states would bear brunt of gas tax increase: conservative groups Trump talk riles advocates on both sides of gas tax Senate bill would let EPA implement global greenhouse gas deal MORE (Del.), Tim JohnsonTimothy (Tim) Peter JohnsonCourt ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit Former GOP senator endorses Clinton after Orlando shooting MORE (S.D.), Ted Kaufman (Del.), Claire McCaskillClaire Conner McCaskillMcCaskill welcomes ninth grandson in a row Dem group launches M ad buy to boost vulnerable senators Senate Dems block crackdown on sanctuary cities MORE (Mo.), Jon TesterJonathan (Jon) TesterWith vote against Brownback, Democrats abandon religious freedom Democrat Manchin: Pence attacks prove ‘they don't want bipartisanship’ in Trump admin Tester invited the Border Patrol Union’s president to the State of the Union. What does that say to Dreamers?   MORE (Mont.) and Mark WarnerMark Robert WarnerLawmakers worry about rise of fake video technology Mueller indictment reveals sophisticated Russian manipulation effort GOP cautious, Dems strident in reaction to new indictments MORE (Va.). Sen. Joe Lieberman (I-Conn.) also opposed the legislation.

Senate Republicans supporting Durbin's bill were: John Barasso (Wyo.), Scott Brown (Mass.), Richard BurrRichard Mauze BurrOvernight Finance: Senate rejects Trump immigration plan | U.S. Bancorp to pay 0M in fines for lacking money laundering protections | Cryptocurrency market overcharges users | Prudential fights to loosen oversight Senators introduce bill to help businesses with trade complaints Our intelligence chiefs just want to tell the truth about national security MORE (N.C.), Saxby ChamblissClarence (Saxby) Saxby ChamblissLobbying World Former GOP senator: Let Dems engage on healthcare bill OPINION: Left-wing politics will be the demise of the Democratic Party MORE (Ga.), Susan CollinsSusan Margaret CollinsOvernight Tech: Judge blocks AT&T request for DOJ communications | Facebook VP apologizes for tweets about Mueller probe | Tech wants Treasury to fight EU tax proposal Overnight Regulation: Trump to take steps to ban bump stocks | Trump eases rules on insurance sold outside of ObamaCare | FCC to officially rescind net neutrality Thursday | Obama EPA chief: Reg rollback won't stand FCC to officially rescind net neutrality rules on Thursday MORE (Maine), Mike CrapoMichael (Mike) Dean CrapoBeware of the bank deregulation Trojan horse Senate Republicans call on Trump to preserve NAFTA Dems rip Trump's Fed pick as Senate panel mulls three key nominees MORE (Idaho), John Ensign (Nev.), Mike EnziMichael (Mike) Bradley EnziThe 14 GOP senators who voted against Trump’s immigration framework Mulvaney remarks on Trump budget plan spark confusion Overnight Finance: Breaking down Trump's budget | White House finally releases infrastructure plan | Why it faces a tough road ahead | GOP, Dems feud over tax-cut aftermath | Markets rebound MORE (Wyo.), Lindsey GrahamLindsey Olin GrahamCongress punts fight over Dreamers to March Pence tours Rio Grande between US and Mexico GOP looks for Plan B after failure of immigration measures MORE (S.C.), Charles GrassleyCharles (Chuck) Ernest GrassleyPavlich: The claim Trump let the mentally ill get guns is a lie Congress fails miserably: For Asian-Americans, immigration proposals are personal attacks Grassley, Dems step up battle over judicial nominees MORE (Iowa), Johnny IsaksonJohn (Johnny) Hardy IsaksonFrustrated Republicans accuse Paul of forcing pointless shutdown Budget deal is brimming with special tax breaks House funding bill includes bipartisan Medicare reforms MORE (Ga.), George LeMieux (Fla.), Richard Lugar (Ind.), Jim RischJames (Jim) Elroy RischTrump official denies US planning 'bloody nose' strike on North Korea Senate Republicans call on Trump to preserve NAFTA Government needs to help small businesses follow regulations MORE (Idaho), Olympia Snowe (Maine), David VitterDavid Bruce VitterTrump nominates wife of ex-Louisiana senator to be federal judge Where is due process in all the sexual harassment allegations? Not the Senate's job to second-guess Alabama voters MORE (La.) and Roger WickerRoger Frederick WickerAt least Alzheimer’s research is bringing Washington together McConnell urging Mississippi gov to appoint himself if Cochran resigns: report Senate Republicans call on Trump to preserve NAFTA MORE (Miss.).

Sens. Robert Byrd (D-WVa.), Kay Bailey Hutchison (R-Texas) and Bill NelsonClarence (Bill) William NelsonGingrich says arming teachers only long-term solution to school shootings Florida students turn to activism in wake of shooting CNN invites Trump to town hall with parents, students of Florida high school MORE (D-Fla.) did not vote.

"This amendment helps big merchants, but consumers will pay the price," MasterCard said in a statement.