By a 54-45 vote the Senate today voted to uphold the Fed's new rule of limiting debit card fees to .12c per transaction. This will endanger some $16 billion in swipe fees the banks collect from consumers and merchants.
WASHINGTON -- The Senate has voted to let the Federal Reserve limit the fees that stores pay banks each time a shopper swipes a debit card.It's a victory for merchants in a long-running lobbying fight with banks.
(All quotes from Forbes)
I doubt this will get FP coverage - so here it is.
