By Silla Brush - 05/13/10 11:30 PM EDT
The Senate on Thursday passed controversial legislation clamping down on fees that card issuers charge merchants, handing Senate Majority Whip Dick DurbinDick DurbinSyria activists cheer Kaine pick Democratic National Convention event calendar Opioid package clears key Senate hurdle 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.
"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 WelchDems vow to keep heat on GOP over guns Can Congress tackle chronic illness in Medicare patients? Defiant Sanders tells supporters: 'You can beat the establishment' 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 BaucusGlover Park Group now lobbying for Lyft Wyden unveils business tax proposal College endowments under scrutiny MORE (Mont.), Evan Bayh (Ind.), Tom CarperTom CarperCentrist Dems wary of public option push Retailers are shirking consumer data security responsibilities GMO labeling bill advances in the Senate over Dem objections MORE (Del.), Tim JohnsonTim JohnsonFormer GOP senator endorses Clinton after Orlando shooting Housing groups argue Freddie Mac's loss should spur finance reform On Wall Street, Dem shake-up puts party at crossroads MORE (S.D.), Ted Kaufman (Del.), Claire McCaskillClaire McCaskillThe Republicans' hypocrisy on minimum wage Watchdog faults Energy Department over whistleblower retaliation Wagner passes on NRCC bid, backs Stivers MORE (Mo.), Jon TesterJon TesterSenate Dems push Obama for more Iran transparency Bayh jumps into Indiana Senate race Six senators call on housing regulator to let Congress finish housing finance reform MORE (Mont.) and Mark WarnerMark WarnerTim Kaine backs call to boost funding for Israeli missile defense Democratic National Convention event calendar Liberal group: Kaine could be 'disastrous' VP pick 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 BurrThe Trail 2016: Putting the past behind them The Hill's 12:30 Report Burr pledges to retire after one more Senate term MORE (N.C.), Saxby ChamblissSaxby ChamblissWyden hammers CIA chief over Senate spying Cruz is a liability Inside Paul Ryan’s brain trust MORE (Ga.), Susan CollinsSusan CollinsTim Kaine backs call to boost funding for Israeli missile defense The Trail 2016: Words matter Lobbyists bolting Trump convention early MORE (Maine), Mike CrapoMike CrapoGOP warming up to Cuba travel Ann Coulter: VP pick is Trump's first mistake Overnight Finance: Freedom Caucus moves to impeach IRS chief | Calls for US-UK trade talks | Clinton ally offers trade for Trump tax returns MORE (Idaho), John Ensign (Nev.), Mike EnziMike EnziSanford-Enzi 'Penny Plan' gets nation to a balanced budget Majority of GOP senators to attend Trump convention Judd Gregg: The silver lining MORE (Wyo.), Lindsey GrahamLindsey GrahamSyria activists cheer Kaine pick Vulnerable GOP senators praise Kaine Meghan McCain: ‘I no longer recognize my party’ MORE (S.C.), Charles GrassleyChuck GrassleyTop senators want details on probe of DNC breach Top Dem Senate hopefuls to skip convention Election to shape Supreme Court MORE (Iowa), Johnny IsaksonJohnny IsaksonTim Kaine backs call to boost funding for Israeli missile defense Clinton set to break ceiling GOP senators to donors: Stick with us regardless of Trump MORE (Ga.), George LeMieux (Fla.), Richard Lugar (Ind.), Jim RischJim RischRepublicans root for Pence as VP Senate votes for energy bill negotiations with House GOP senators: Revoke security clearances for Clinton and her staffers MORE (Idaho), Olympia Snowe (Maine), David VitterDavid VitterTim Kaine backs call to boost funding for Israeli missile defense David Duke will bank on racial tensions in Louisiana Senate bid Former KKK leader David Duke running for Senate MORE (La.) and Roger WickerRoger WickerTop GOP senator: Trump will have little effect on Senate races GOP senators to donors: Stick with us regardless of Trump Majority of GOP senators to attend Trump convention MORE (Miss.).
Sens. Robert Byrd (D-WVa.), Kay Bailey Hutchison (R-Texas) and Bill NelsonBill NelsonTim Kaine backs call to boost funding for Israeli missile defense More automakers admit to equipping new cars with defective airbags GOP warming up to Cuba travel MORE (D-Fla.) did not vote.
"This amendment helps big merchants, but consumers will pay the price," MasterCard said in a statement.