I guess that’s settled
June 8, 2010 | alternatives, federal legislation, industry | Comments (0)The conference is set to begin on Thursday, but today’s Huffington Post reports this:
A provision despised by credit card companies will remain in the final Wall Street reform bill that emerges from conference committee negotiations, Sen. Chris Dodd (D-Conn.) told reporters Monday evening.
Dodd, who is leading conference negotiations for the Senate, said that changes will likely be made to the “swipe fee” amendment that was included in his chamber’s version. Sponsored by Sen. Dick Durbin of Illinois, the number two Democrat, the amendment would reduce the fees that credit card companies can charge to retail stores for using the cards. The current fee far exceeds the cost of the transaction, which stores pass on to consumers. The fee is a lucrative source of revenue for credit card companies and hated by merchants.
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