Monday July 19, 2010

Senate Passes Swipe Fee Bill

Washington, DC — Indicating how an industry can win legal reforms, the U.S. Senate voted 60 to 39 in support of a financial reform package that will ensure reasonable debit card interchange fees.

Phone calls and letters flooded congressional offices in support of the legislation, which aims to make so-called swipe fees proportional to processing costs incurred, according to the National Association for Convenience Stores (NACS).

The bill now goes to President Obama, who has said he plans to sign the legislation once it clears Congress, NACS reports.