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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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.”

Continue Reading

Related articles by Zemanta

• Retailers, card issuers duel over debit card fees (msnbc.msn.com)


• Visa, MasterCard Fall on 'Surprising' Senate Vote to Curb Debit (businessweek.com)


• Visa, MasterCard Fall on Vote Curbing Debit-Card Fees (Update3) (businessweek.com)


• Durbin Says 'Terrible' Attitude at Card Firms Fueled Debit Vote (businessweek.com)


• Durbin Warns Visa, MasterCard on Antitrust Over Fees (Update2) (businessweek.com)


• Will Regulation of Swipe Fees End Co-Branded Debit Card Programs? (pindebit.blogspot.com)


• THE INFLUENCE GAME: Dueling over debit card fees (seattletimes.nwsource.com)


• Durbin's Curb on Debit Fees Draws Fire for Hurting Consumers (businessweek.com)