Personal Finance

Debit Swipe Fee Regulations to be Reviewed

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Debit Swipe Fee Regulations to be Reviewed House Financial Services Chairman Spencer Bachus of Alabama recently announced that one of the group’s subcommittees will meet on February 17 to discuss whether a Federal Reserve proposal to cap interchange fees on debit card purchases at 12 cents per transaction is fair, according to the committee’s website.

“The Committee will be busy this year addressing the issues of concern to Americans: jobs, economic activity, Fannie and Freddie reform, and implementation of Dodd-Frank,” Bachus said. “We will work to ensure that taxpayers are protected. This hearing schedule is tentative but is intended to inform Americans on the issues the Committee will be tackling.”

[Related Expert Article: Interchange Compromise Reached--Should You Care?]

However, there may be some obstacles to getting the proposal repealed, according to a report from the Wall Street Journal. In particular, few lawmakers want to be seen as being on the side of either the banks or merchants. This aspect of the law has drawn some fire because the House never officially took a vote on it, as it was added by Illinois Senator Richard Durbin in the 11th hour.

[Related: Debit Card Fee Changes: Winners and Losers]

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  • Anonymous One

    This Amendment added at the last minute, without adequate consideration of the full impact it would have, effectively opens the door for the fed to set price limits on virtually every business in America, jeapoardizing the very foundation of our “free enterprise” system. We need to object to this amendment, repeal it, and put legislation on the books that explicitly restricts the government or any agency acting on behalf of the government to interfere with a businesses ability to price their product or service. Otherwise, we are turning over to the government all rights to prosper and build wealth.

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