Gulf of Mexico Oil Spill Blog Banks Swipe Fees Vote

debit-card-fees-Banks Swipe Fees Vote

BOOM: Banks Lose Big Senate Vote, Shares Of Banks, Credit Card Companies All Diving

by Katya Wachtel

The senate just failed to pass Corker/Tester amendment on creditcard fees — 54-45. 

Banks wanted it to pass. This is a big win for big retailers.

Tester’s proposed amendent to delay swipe fees had wide support from the big banks — the fees earn millions for Wall Street.

According to the Huffington Post,

Jon Tester’s amendment to delay swipe fee reforms, the junior senator from Montana faces division among his colleagues and opposition from his home state, where voters overwhelmingly support swipe fee reform.

Tester is sponsoring an amendment to delay the implementation of regulations on the fees banks can charge merchants for swiping debit and credit cards.

These swipe fees are a multi-billion dollar industry — at a major cost to merchants, including mom-and-pop shops and other small businesses.

But Tester took the banks’ side in the lobbyist-driven battle with merchants, against fellow Democratic Sen. Richard Durbin (D-Ill.). Populist voters in Montana are not pleased.

Source: BOOM: Banks Lose Big Senate Vote, Shares Of Banks, Credit Card Companies All Diving

Advertisements
This entry was posted in Gulf of Mexico Oil Spill Blog and tagged . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s