BizSugar.com › Finance › Senate Adopts Amendment to Regulate Interchange; What should merchants do now?

The Interchange amendment to the financial reform bill, sponsored by Senator Richard Durbin (D-IL), was adopted Thursday night. The measure gives the Federal Reserve authority to regulate Interchange fees, using a "reasonable and proportional" standard. The amendment also allows merchants to discount lower costs payment options and allows minimum card purchases. Once the Senate passes the financial reform measure, it will have to be reconciled with a House version that does not include the Interchange provision.