Overview: Senate passes financial reforms, final bill expected in July


On its way to being approved, the Senate’s bill saw a number of attempts at amendment. Illinois Democrat Dick Durbin suggested a provision that would allow merchants to set minimums when it comes to credit and debit card transactions.

Doing so would help retailers losing money on smaller transactions because of the interchange fees they have to pay to card networks like Visa and MasterCard. Durbin’s measure was added to the final bill that passed the Senate.

via Overview: Senate passes financial reforms, final bill expected in July.

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