ETA responds to Senate passage of financial reform bill
Washington, July 16, 2010 --
The U.S. Senate has passed financial services reform legislation -- which includes the Durbin amendments that affect interchange fees on debit card transaction -- by a 60-39 margin. Earlier in the day, a threatened filibuster on the bill was derailed by a 60-38 vote.
President Obama is expected to sign the bill next week.
ETA Chief Executive Officer Carla Balakgie issued the following statement after the bill passed:
"While passage of the Dodd-Frank bill was expected, ETA is disappointed that Congress chose to use this measure as a way to interfere in the commercial contracts between merchants and the institutions that provide full access to electronic payments that consumers clearly want to utilize. ETA will continue to oppose attempts by Congress to impose unnecessary regulation on private business relationships -- on its own and in partnership with the rest of the payments industry."
Source: Company press release.