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Please call senators to urge support for Tester/Corker amendment

ABA issued a special 48-hour grassroots call alert Tuesday morning to urge bank employees to contact their senators today and Wednesday, and ask them to support the amendment offered by Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) that would stop, study and fix the Federal Reserve's debit interchange proposal.

The revised proposal reduces the time for studying the interchange issue from two years to one year and directs the Federal Reserve to consider all fixed and incremental costs associated with debit transactions.

While the price-control structure still remains, these proposed changes should allow banks to recover substantially more of their annual costs that otherwise would have been lost under the Durbin amendment and the original Federal Reserve Proposal. It is absolutely critical that senators hear from every bank and its employees on this issue. Without a strong show of support for the Tester/Corker proposal, the retailers will succeed in their efforts to give retailers a financial windfall at the expense of banks and consumers.
Look up your senators' phone numbers.
Read talking points for Senate calls.
Read the summary of changes.

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