Senator Tester Wants Vote to Delay Debit Fee Cap for Two Years

Tester Pushes for Vote This Week to Delay Debit Fee Cap Rules

By Phil Mattingly - Mar 29, 2011 4:41 PM MT

U.S. Senator Jon Tester, a Montana Democrat, is pushing for a chamber vote as soon as this week on a bill that would delay the start of a U.S. cap on debit-card transaction fees. The bill would put off by two years Federal Reserve rulemaking to cap debit-card interchange, or “swipe” fees, charged to merchants on each transaction. Fed Chairman Ben S. Bernanke said today that the central bank wouldn’t meet an April 21 deadline to come up with a final rule. The cap, mandated by the Dodd-Frank law that overhauled the financial industry last year, must be in place by July 21. Tester is trying to attach his bill as an amendment to legislation concerning small-business investment.  <>

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