Fed Rule Would Cap Debit Interchange Fees

WASHINGTON — In a first-ever webcast meeting of the Federal Reserve Board last week, its members voted unanimously in favor of a proposed rule that would limit debit-card interchange fees. Retailers have long sought government intervention on the fees, which are assessed on both credit- and debit-card transactions by the card issuers. Retailers have claimed and the Federal Reserve Board seemed to agree

WASHINGTON — In a first-ever webcast meeting of the Federal Reserve Board last week, its members voted unanimously in favor of a proposed rule that would limit debit-card interchange fees.

Retailers have long sought government intervention on the fees, which are assessed on both credit- and debit-card transactions by the card issuers. Retailers have claimed — and the Federal Reserve Board seemed to agree — that the free-market system was not having the effect of restraining the

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