Senate declines to delay swipe-fee reform

The Senate sided with retail interests on Wednesday when it rejected a measure that would have delayed implementation of a plan to cut bank fees on debit-card transactions, which is set to take effect on July 21. It's a win for the retail and restaurant industries, which have been fighting a push-back by banks since Congress passed the reform bill last year. "With the economy still trying to gain momentum and consumers facing skyrocketing costs for necessities like food and fuel, this badly reform needed will help ensure our nation's economic recovery. It will prevent more than a billion dollars a month from being pocketed by big banks and, in turn, allow retailers to hold down prices for consumers," said NRF President and CEO Matthew Shay.

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