Wall Street Journal Blasts U.S. Senate Over Debit Card Fee Vote

The Wall Street Journal, in an editorial titled, “Swiping the Swipe Fees,” criticized the U.S. Senate failure to pass a bill known as the Tester amendment that would have delayed the Federal Reserve's proposed caps for debit card interchange fees.

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Editor’s Insight: The Wall Street Journal objects to the government regulating private commerce. The newspaper argues that by restricting what fees financial institutions can charge for debit card transactions, the government interferes in the free market.

The Dodd-Frank Wall Street Reform and Consumer Protection Act allows vending and coffee service operators to give customers a discount for payments made by cash. Companies cannot charge extra for credit and debit card transactions. 06-09-11 by Elliot Maras