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On the Hill

Senate Showdown Looms Over Debit-Card Fees

Will hold vote to block Fed’s cap.

The Federal Reserve issued a rule last year capping debit-card fees at 12 cents per transaction—much less than the current 44 cents that financial institutions charge, on average, per swipe. The Senate will decide on Wednesday whether the rule will go into effect, as it considers legislation to block the Fed. Senator Dick Durbin is leading the fight to preserve the rule; his opponents, who include Democrats like John Tester, will need 60 votes to remove it.

Read it at Associated Press

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