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Support the Durbin Amendment

Date: May 27, 2010
Location: Washington, DC
Issues: Business and Consumers Finance and Banking

Mr. WELCH. Mr. Speaker, 2 weeks ago, small businesses and consumers scored a major victory, finally, against abusive credit card practices by big banks and Visa MasterCard. By a strong bipartisan vote of 64-33, the Senate passed an amendment to the Wall Street reform legislation, cracking down on those out-of-control credit and debit card swipe fees.

Known as the Durbin amendment, this practical, commonsense language prevents card issuers from endlessly increasing costs borne by small businesses, costs that for many stores add up to more than the cost of health care. It also restricts some of the industry's most anticompetitive practices, finally allowing stores to give you a cash discount.

I urge my colleagues in the House to stand up for small businesses, provide them the protection they deserve, and support inclusion of the Durbin amendment in the final package of Wall Street reform.


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