Senate Won't Shelve Cap On Debit Card Swipe Fees

Law360, New York (June 8, 2011, 3:37 PM EDT) -- The U.S. Senate shot down a proposed amendment Wednesday to delay implementation of a cap on debit card swipe fees that merchants pay to banks, dealing a blow to financial firms set to lose revenues when the limit takes effect next month.

In a 54-45 vote, the Senate killed the proposal introduced Tuesday by Sens. John Tester, D-Mont., and Bob Corker, R-Tenn., that called for a 12-month delay from the rule's current effective date of July 21 during which bank regulators and the Federal Reserve would...
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