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Wyo. senators vote for credit card fee changes

Submitted by rebecca on May 17, 2010 – 2:18 amNo Comment

CHEYENNE, Wyo. (AP) – Wyoming Sens. Mike Enzi and John Barrasso voted in favor of forcing credit card companies to reduce fees for debit card transactions. The 64-33 vote on Thursday inserted the fee requirement in a package of new financial rules the Senate is considering to ward off a repeat of the financial crisis. The vote was a defeat for banks, which lobbied hard against it. The measure from Illinois Sen. Richard Durbin would force credit card companies to charge businesses less for debit card transactions than for credit card payments. A joint statement from Barrasso and Enzi says the measure will ensure that debit card transactions are reasonable and proportional to the cost of processing the transaction. The measure still needs approval from the House.

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