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Debit 'swipe fee' fix an important first step

from STORES Magazine

Retailers' long fight against the $48 billion in credit and debit card swipe fees imposed each year by banks took a major step forward in May when the Senate approved an amendment sponsored by Majority Whip Richard Durbin requiring that debit card fees be set at a "reasonable" level. We were hesitant to claim victory over one vote, however, and sure enough, the banking industry immediately launched a massive lobbying effort to kill the amendment. more

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