Debit Card Fee Cap May Be Delayed
STEVE INSKEEP, Host:
NPR's Tamara Keith reports.
TAMARA KEITH: House and Senate committees both held hearings on the issue yesterday. In the Senate Banking Committee, Federal Reserve Chairman Ben Bernanke expressed reservations.
BEN BERNANKE: We are not certain how effective that exemption will be. It is possible that that exemption will not be effective in the marketplace.
KEITH: Or as Frank Michael, the CEO of a small credit union in Stockton, California put it to members of the House Financial Services Committee...
FRANK MICHAEL: Under the current proposal, we're going to lose money on every transaction. The only real question is how much.
KEITH: Democratic Congressman David Scott was among many who called on the Federal Reserve to delay implementing the rule.
DAVID SCOTT: The banks are not going to pay for this. The merchants are not going to pay for this. You know who's going to pay for this? It's going to be the American consumers at the end of the line.
KEITH: Tamara Keith, NPR News, Washington.
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