Senate must act first on debit card fees: Bachus

WASHINGTON Mon Mar 7, 2011 3:38pm EST

1 of 2. A shopper pays with his credit card in a supermarket in Nice southern France, February 25, 2008.

Credit: Reuters/Eric Gaillard

WASHINGTON (Reuters) - Republicans in the House of Representatives will not try to stall or change a crackdown on debit card fees unless they believe the Senate will go along, House Financial Services Chairman Spencer Bachus said on Monday.

The debit card fee provision was added to the Dodd-Frank financial reform law by the Senate, and the Senate must act first and take "ownership" of the issue before the House acts, Bachus told the Institute of International Bankers conference.

(Reporting by Dave Clarke, Editing by John Wallace)

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