Senate Defeats Swipe Fee Regulation Delay

The Senate today refused to adopt an amendment by Sen. Jon Tester (D-MT) that would have delayed new regulations capping the fees that banks can charge merchants for debit card transactions. The banking lobby had invested heavily in trying to get the delay enacted, but Tester’s bill received only 54 votes (with 60 needed for adoption). As we noted earlier, several senators who had previously supported the cap flipped their support to back the delay.