In a battle over new rules restricting fee banks can charge for debit-card transactions, Senate Majority Leader Harry Reid has chosen the stance of the Senate’s No. 2 Democrat, majority whip Dick Durbin, over that of its No. 3, Democratic Policy Committee Chairman Charles Schumer,
The Hill reports. Both Durbin and Schumer hope to succeed Reid as majority leader.
Reid intends to vote with Durbin in favor of the curbs. Sen. Jon Tester, D-Mont., has introduced an amendment that would require the Federal Reserve to delay the new rules on debit-card transaction fees that could take $16 billion of profits a year from banks. The rules were part of the Dodd-Frank financial reform bill passed last year.
“He feels it’s unfair to small businesses,” Reid spokesman Jon Summers said of the Tester amendment.