Senate Votes To Let Fed Trim Debit Card Swipe Fees - Spokane, North Idaho News & Weather KHQ.com

Senate Votes To Let Fed Trim Debit Card Swipe Fees

WASHINGTON (AP) - The Senate has voted to let the Federal Reserve limit the fees that stores pay banks each time a shopper swipes a debit card.

It's a victory for merchants in a long-running lobbying fight with banks.

At issue is a Fed proposal that's set to take effect next month and would cap the fees at 12 cents per transaction, compared with the current average of 44 cents per swipe.

Senators who wanted to block the Fed's plan needed 60 votes to prevail. But Wednesday's vote was 54-45, six short of 60.

The Fed says the current transaction fee earns banks and credit card companies $16 billion a year.

Stores say the lower swipe fees will let them lower their prices. Banks say they will have to raise other fees, such as checking account fees.
   

  • Most Popular StoriesMost Popular StoriesMore>>

  • Seahawks legend Cortez Kennedy dies at 48

    Tuesday, May 23 2017 1:20 PM EDT2017-05-23 17:20:37 GMT

    KHQ.COM - Seattle Seahawks legend and NFL Hall of Famer, Cortez Kennedy, is dead at the age of 48. TMZ Sports says they confirmed the news with the Orlando Police Department who say "there is nothing suspicious" about his death. The cause of his death is still unknown. Cortez played his entire eleven-season career with the Seattle Seahawks from 1990 - 2001.

    >>

    KHQ.COM - Seattle Seahawks legend and NFL Hall of Famer, Cortez Kennedy, is dead at the age of 48. TMZ Sports says they confirmed the news with the Orlando Police Department who say "there is nothing suspicious" about his death. The cause of his death is still unknown. Cortez played his entire eleven-season career with the Seattle Seahawks from 1990 - 2001.

    >>
  • Car manages to roll in crash at Sprague and Freya

    Car manages to roll in crash at Sprague and Freya

    Tuesday, May 23 2017 4:12 PM EDT2017-05-23 20:12:46 GMT

    SPOKANE, Wash. - It's not a typical place you'd see a rollover crash, but a red SUV rolled onto its side, shattering the windshield, in a crash at Sprague and Freya on Tuesday just before noon. Police say a blue SUV (not pictured) attempted to make a left hand turn where it's not permitted, and while crossing traffic, he t-boned the red SUV.

    >>

    SPOKANE, Wash. - It's not a typical place you'd see a rollover crash, but a red SUV rolled onto its side, shattering the windshield, in a crash at Sprague and Freya on Tuesday just before noon. Police say a blue SUV (not pictured) attempted to make a left hand turn where it's not permitted, and while crossing traffic, he t-boned the red SUV.

    >>
  • Spokane Police say missing 10-year-old boy found safe

    Spokane Police say missing 10-year-old boy found safe

    Tuesday, May 23 2017 1:18 PM EDT2017-05-23 17:18:54 GMT

    SPOKANE, Wash. - Update: Spokane Police say 10-year-old Jeremy Clough has been found and is safe as of 11:18 p.m. Monday night. 

    >>

    SPOKANE, Wash. - Update: Spokane Police say 10-year-old Jeremy Clough has been found and is safe as of 11:18 p.m. Monday night. 

    >>
HD DOPPLER 6i
/