May 14, 2010 /EIN Presswire/ — Overcoming the efforts of an army of industry lobbyists, the U.S. Senate Thursday voted to limit fees charged for credit and debit transactions and to overhaul the credit-rating business.

The measure would put new restrictions on fees card networks charge merchants and involve the Federal Reserve in setting those fees on a “reasonable and proportional” basis.

The restrictions are part of the wider Wall Street reform bill now being debated in the Senate and have the backing of the White House. The bill is expected to pass the Senate next week.

The House already has passed a comparable measure. These amendments and others reflect an increasingly hostile environment for the financial services industry among lawmakers.

Read more at Finance Industry Today:
Visa news – http://finance.einnews.com/news/visa-card
MasterCard news – http://finance.einnews.com/news/mastercard-credit-card

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