Congress: A 'cage match'?

“A US Senate proposal to delay a reduction in the swipe card fees charged to retailers failed,” the Boston Globe writes, adding, “The issue has fueled a fierce lobbying on Capitol Hill battle in recent months between banks and retailers over the fees that banks charge to stores when customers swipe their debit cards. Tester’s amendment would have delayed that reduction by one year, and required the Federal Reserve to study the issue for six months.”

“Rarely do Senate votes get decided in what participants describe as a “cage match,’” Roll Call writes. “But that’s exactly what appeared to happen Wednesday morning in the office of Sen. Mark Begich, where top lobbyists from the retail and bank industries faced off in a last-minute bid to convince the Alaska Democrat that he should side with them on a proposal to delay new limits on fees for debit card transactions.”

The New York Post: “Huma pregnant! Pop goes the weasel.” 

The New York Daily News: “Little Weiner in the oven.”

Discuss this post

Finally a win for the little guy. With all the fees the banks charge for allowing you to get at and use your money, this is a small victory. At least the small business owners who take credit cards can keep a few more dollars in the cash drawer rather than paying anywhere from 3 to 5% for processing a computer transaction.

  • 2 votes
Reply#1 - Thu Jun 9, 2011 9:12 AM EDT

This is GREAT news! The article says the swipe fees were costing merchants an average of 44 cents a transaction! Lowering that to 12 cents will mean more than "a few dollars" in the cash drawer. This is awesome. Thank you, Barney Frank.

  • 1 vote
#1.1 - Thu Jun 9, 2011 12:26 PM EDT
Reply

this is why they don't want elizabeth warren!

  • 2 votes
Reply#2 - Thu Jun 9, 2011 11:12 AM EDT
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