The Federal Reserve recently proposed limits on the interchange fees banks can charge to retailers when consumers use their debit cards, prompting the banking and retail industries to try to influence the central bank toward their preferred policies. The Dodd-Frank Act mandates that the Fed limit such fees so that they are "reasonable and proportional" to the transaction costs. Rep. Barney Frank, D-Mass., and other lawmakers have warned the Fed to be cautious in their rule-making for this measure.

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