Senate Votes Down Delay On Swipe Fees

Republicans have no love for the Dodd-Frank financial overhaul that Congress passed last year. One provision they hate requires the Federal Reserve to reduce the 44 cents in swipe fees ? the world's highest ? that banks on average charge retailers every time a customer uses a debit card. Merchants are all for the reduction, but banks are all against it. The new limits, which would cut back on $16 billion in fee revenues for banks, are to take effect in July. Republicans ? and one motivated Democrat ? want at least a one-year delay. But the Senate rejected the plan Wednesday.

Source: http://www.npr.org/2011/06/08/137065463/senate-votes-down-delay-on-swipe-fees?ft=1&f=1006

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