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