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Despite Army of Credit Card Industry Lobbyists, US Senate Approves Tough New Restrictions

by WebMaster
May 15, 2010
in Business, Press Release
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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

Located at http://finance.einnews.com, Finance Industry Today is a service of EIN News, a global news monitoring service for researchers and analysts. Using a combination of proprietary search technology and human editing, EIN News delivers the latest finance news from more than 7,000 news sites from around the world. The latest news updates on these topics are also available in email and RSS formats.

About EIN Presswire
The EIN Presswire press release service is a news-syndication solution that distributes news to more than 10 million visitors annually at EIN News and millions more through its press release distribution partners. A news source for journalists, decision-makers and industry professionals worldwide, EIN Presswire targets press releases to a wide array of worldwide business professionals through more than 90 industry channels. EIN Presswire also offers affiliate network opportunities and news distribution to tens of thousands of news subscribers daily. Read the press release live feed at http://www.einpresswire.com and the latest world news at http://www.einnews.com.

WebMaster

WebMaster

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