Durbin: Interchange Reform will Take Effect as Planned on July 21
[WASHINGTON, D.C.] – Assistant Senate Majority Leader Dick Durbin (D-IL) released the following statement today after Federal Reserve Chairman Ben Bernanke said that interchange reform would take effect on July 21, 2011:
"Chairman Bernanke reiterated to me today that the Federal Reserve is working diligently to finalize its rules in a timely fashion and that new interchange regulations will take effect on July 21st, one year after Wall Street Reform was signed into law,” Durbin said. “On that day, small businesses will finally see relief from years of high fees that are unilaterally set by Visa and MasterCard on behalf of the nation's biggest banks, and consumers will begin to benefit from increased competition, discounts, and lower prices. The credit card companies, Wall Street banks and their allies will no doubt continue to try to stop this reform from ever taking place, but I will do everything in my power to ensure that Main Street comes out ahead of Wall Street."
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