Swipe Fee Reform: Banks Lose, Merchants Prevail In Senate Vote

Swipe Fee Reform: Banks Lose, Merchants Prevail In Senate Vote: "WASHINGTON -- The six-month Senate fight over debit card swipe fees is finally over. The banks lost.

An amendment pushed by Sen. Jon Tester (D-Mont.) that would have delayed implementation of a law that caps the fees banks can charge merchants for swiping debit cards picked up 54 votes, with 45 voting against. It fell six short of the 60 needed to break a filibuster. But in the year since the Senate last voted, the banks managed to shave 19 votes off the merchants' total. In May 2010, the Senate approved interchange reform by a 64-33 margin, setting a cap at twelve cents per transaction. Sen. Joe Lieberman (I-Conn.) was the only Senator who did not vote, but in a Tuesday interview with HuffPost, he indicated that he was supporting Tester and the banks."