U.S. Senate Rejects Amendment to Delay Debit Swipe Fee Rule
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The U.S. Senate rejected a plan backed by large banks for a six-month delay in a Federal Reserve rule to cap the debit-card swipe fees set by Visa Inc. and MasterCard Inc.
Senators led by Richard Durbin, the Illinois Democrat who pushed to include the fee caps in the Dodd-Frank Act, turned back the proposed delay in a 54-45 vote today that left the amendment six short of the 60 needed for approval.