Durbin's Curb on Debit Fees Draws Fire for Hurting Consumers

©2010 Bloomberg News By Peter Eichenbaum

June 9 (Bloomberg) -- U.S. Representative Debbie Wasserman Schultz, a member of the House majority's leadership team, said a Senate proposal to limit fees banks collect with each swipe of a debit card will enrich merchants at the expense of consumers.

“I'm a liberal Democrat and the easiest thing for me to do is to be in favor of reducing fees and going after banks, but I just don't think that's responsible,” Wasserman Schultz, 43, of Florida, said in an interview yesterday. “The consumer will get lost in the shuffle.”

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