Comments From Harry Reid Heighten Scrutiny On Tester Campaign Contributions

Already under the microscope for accepting tens of thousands of dollars in campaign contributions from banks and lobbyists after introducing a bill to delay new regulations on debit-card swipe fees, U.S. Senator Jon Tester’s (D-MT) position on this important issue has come under even greater scrutiny today. 

In a statement to The Hill newspaper, Democrat Senate Majority Leader Harry Reid (D-NV) now says he will be opposing Tester’s proposal because it is “unfair to small businesses.”

·         “He feels it’s unfair to small businesses,” Reid spokesman Jon Summers said of an amendment proposed by Sen. Jon Tester (D-Mont.) that would force the Federal Reserve to delay regulations on debit-card transaction fees that could cost banks as much as $16 billion annually in profits….Banking lobbyists say Tester’s proposal has strong behind-the-scenes support from Schumer, a staunch defender of New York’s financial-services industry.

“It should raise the eyebrows of all Montanans to hear even Harry Reid suggest that Jon Tester is standing on the side of Wall Street, instead of Main Street,” National Republican Senatorial Committee (NRSC) spokesman Chris Bond said today.  “Given the massive campaign contributions that Senator Tester has received from his friends on Wall Street, and now that his own Senate Leader says that his bill is harmful to Montana small businesses, we look forward to hearing Tester’s response to this serious charge.”

Background….

·          “Sen. Jon Tester (D-Mont.) Has Reaped A Windfall In Contributions From Banks And Lobbyists Since Introducing Legislation To Delay New Regulations On Debit-Card Swipe Fees.” (Alexander Bolton, “Swipe-Fee Opponents Shower Sen. Tester With Campaign Contributions,” The Hill, 4/20/11)

·         “Tester Collected Nearly $60,000 In Contributions From Credit Card Companies And Other Opponents Of The Proposed Caps On Swipe Fees In The 17 Days Following The Introduction Of His Bill, Public Fundraising Records Show.” (Alexander Bolton, “Swipe-Fee Opponents Shower Sen. Tester With Campaign Contributions,” The Hill, 4/20/11)