Swipe Fee Amendment Will Stay in Final Financial Services Reform Bill
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The two top members of a House-Senate conference committee negotiating over financial services reform legislation say an amendment requiring the Federal Reserve to determine “reasonable” swipe fees for debit card purchases could see some changes but will stay in the final version of the bill. The conference committee is working from the Senate version of the bill, which includes an amendment sponsored by Majority Whip Richard Durbin, D-Ill., that would require the Federal Reserve to establish rules that would result in the setting of “reasonable and proportional” rates for the interchange or “swipe” fees that Visa and MasterCard banks charge merchants to process debit card transactions. The amendment is not included in the House bill.