Roll Call vote on Debit Swipe Fee Amendment is strangest I've seen in a long time.

[PassingFair]

No rhyme or reason on these votes! Enough "New Dem" votes
to show a display of "loyalty" to the bankers, but not enough
to push it over the 60 needed.

Talk about your strange bedfellows on this!


http://www.govtrack.us/congress/vote.xpd?vote=s2011-86

[no_hypocrisy]

1. The Dems are voting consistent with their campaign donations.

[PassingFair]

2. The Schumer people were trying to stage it like...

a battle between little credit unions and Walmart.

:rofl:

Durbin 1
Schumer 0

[alc]

13. I used to think it was about campaign donations

Now I'll wonder if someone (bankers in this case) got to some pictures before Breitbart. I have no problem with Weiner's sex acts but have a big problem that he put himself in a position to be pressured/blackmailed on votes. We know he didn't want this to come out since he lied for a week - exactly how far would he have gone to contain it?

[Shagbark Hickory]

3. That's incredibly disappointing. What a start to the day.

Congress just sent a giant fuck yinz to all the consumers in this country.

[PassingFair]

4. Not at ALL.

I am 100% FOR the cap on debit swipes.

Do you feel that the banks will SUFFER because of this?

[Shagbark Hickory]

15. I m ay be misunderstanding. Is this ammendement that failed to get enough votes

for the reduction of swipe fees?
I know they were supposed to be voting on that today so that's why I thought so.

[PassingFair]

17. The reduction was already a done deal. The amendment was an attempt to postpone it.

See article linked in my post #8.

[Shagbark Hickory]

20. WHoOpS.

:silly:

I stand corrected.

[PassingFair]

21. Funny splits on this vote.

New Dems vs. Blue Dogs

Republicans split, too.

Feinstein votes against banks,
dogs sleeping with cats!

:crazy:

[PassingFair]

7. For the record...Reform legislation already passed CAPS debit swipes at 12 cents.

A swipe of the debit card currently COSTS 44 cents on average (paid by the retailer).

The caps were scheduled to begin in July, and this vote was on an Amendment,
brought by Jon Tester, that would POSTPONE the cap for another year to a
year and a half.

Banks stand to lose $16 billion a year in fees.

Retailers, of course, will SAVE that amount.

[loudsue]

11. $16 billion in fees they gouge, where the actual COST of that computer transaction may be about $.01

It's outlandish what they charge for a computer stroke.

[snooper2]

14. They actually don't charge for a "computer stroke", they charge per call..

The traditional POS machines (Point of Sale) used a FXS line and a modem (many still out there). There are various 8xx and local numbers for all the credit card agencies that the modem is programmed with and dials each time. Once connected credit card data is transferred along with charges and connection is termintated. More modern POS machines use an IP connection over the Intertubes with SSL or TLS. Still same concept though, the connection is made for transaction then terminated.

So the credit card agencies pay for the 8xx service and Internet based telephony while the merchant pays for either the call or their data network requirements as well.

[PassingFair]

16. I think they were only concerned with DEBIT card transactions in this amendment.

Credit cards, I don't know ....

[snooper2]

19. debit transactions work in the same manner

[loudsue]

25. Good explanation, but it still doesn't cost that much.

They charge outlandish fees for this stuff, with a huge profit margin, or it wouldn't be making them 16 BILLION dollars a year.

[malaise]

5. Thanks

Rec

[Ian David]

6. That's odd. Scott Brown and John Kerry BOTH voted "No," as did Bernie Sanders.

This was the bill to LOWER the debit/credit card swipe fees, right?

[PassingFair]

8. It was an amendment to POSTPONE it.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/06/08/BUME1JRA2G.DTL

[Ian David]

10. Ahh, okay, Thanks! n/t

[PassingFair]

12. Supposedly one of the most EPIC lobbyist fights in DC history...

Between the banks and the retailers.

It was dubbed the "K-Street Full-Employment Amendment".

[Ian David]

23. Brockton small business owner lobbies congressman, senator for debit card reform

Brockton small business owner lobbies congressman, senator for debit card reform

BROCKTON —

Alex Perez took a rare break from his two burrito restaurants in the city last week to lobby for debit card reforms in Washington D.C.

Perez, who owns the Burrito Wraps restaurants on Crescent Street and Warren Avenue, made the trip along with a coalition of small business owners. He spoke with Sen. Scott Brown and Rep. Stephen Lynch about preserving Federal Reserve reforms set to go into effect on July 21.

As part of the Frank-Dodd financial reform bill passed last year, Congress gave the Federal Reserve the power to regulate the transaction fees that banks charge retailers for debit-card purchases.

<snip>

“From my point of view, I’m a small business; I cannot afford the high fees,” he said. “If you were to collectively take all the businesses in Massachusetts, imagine the millions of dollars that would be available in the state to do more in those businesses.”

More:
http://www.enterprisenews.com/business/x1840139683/Brockton-small-business-owner-lobbies-congressman-senator-for-debit-card-reform

So, ultimately, Scott Brown (and John Kerry) came through for this guy, but the Chamber of Commerce has been M.I.A.?

He can thank Democrats Dodd and Frank for authoring it in the first place.
http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act



Chamber Sidelining Small Business on Swipe Fees
Posted by LLevenstein on June 08, 2011

Today, the Senate is voting on whether to delay new rules that would rein in credit card swipe fees charged to businesses every time a customer uses a credit or debit card. According to the Huffington Post, big banks garner $16 billion a year from these fees that disproportionately burden small businesses. Small businesses are fighting hard against delaying the new rules-- without the help of their supposedly biggest champion, the U.S. Chamber of Commerce.

Although it recently hosted a Small Business Summit (boasted about repeatedly on Chamber Post), we’re only hearing crickets from the Chamber, which has remained silent on the issue.

For an organization that takes every opportunity to remind us that “more than 96% of U.S. Chamber members are small businesses with 100 employees or fewer,” the Chamber’s silence on this issue speaks volumes, and drives home an important reality: the Chamber is on the side of small business only when it also benefits Big Business.

U.S. Chamber Watch held a call with small business organizations Main Street Alliance and American Sustainable Business Council to ask why the Chamber has been on the sidelines of a visible issue directly hurting small businesses. According to a Main Street Alliance auto-letter:

More:
http://www.fixtheuschamber.org/tracking-the-chamber/chamber-sidelining-small-business-swipe-fees


Maybe now Burrito Wraps will be able to afford to make their own salsa, instead of buying it bulk plastic containers.

[PassingFair]

24. F'ing CHAMBER....

I wish small business people would look into
where their dues are going....

[PassingFair]

9. Nay was the correct vote, IMO.

"New Dems" voted MOSTLY "yea" to postpone the cap.

They lost.

[marmar]

18. Some Dems don't want to disappoint their corporate sponsors.

nt

[PassingFair]

22. Corporate retailers against the banks!

Stabenow votes with banks, even though she is
up for re-election this cycle.

She must feel pretty secure.