By MIGUEL BUSTILLO - Wall Street Journal
Click to Enlarge - Source: Nilson Report
Retailers stand to reap billions from the financial-overhaul legislation being finalized by Congress this week, possibly giving them a long-sought victory by slashing the "swipe fees" that credit-card companies charge merchants for every debit-card transaction. Members of the House and Senate announced an agreement Monday to include the debit-card fee cuts in the final version of the overhaul bill—a loss for the financial industry, which had mounted a furious campaign to eliminate or water down the proposed regulations. Though it is unclear how much the estimated $20 billion a year in debit-card fees paid by U.S. merchants would be reduced under Congress's proposal to have them regulated by the Federal Reserve—or what impact consumers might feel—some experts believe they could be cut by half or more, saving Wal-Mart Stores Inc. alone, the world's largest retailer, hundreds of millions annually.
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