| WASHINGTON, D.C. -- U.S. Representative Barney Frank, one of the authors of last year’s financial reform legislation, said he is ready to work with the Republican majority to force changes in a Federal Reserve proposal to cap debit-card swipe fees, reports Bloomberg News. According to the new swipe fee rules included in an amendment to the Dodd-Frank bill, the Fed proposed capping debit interchange fees charged to merchants at a flat 12 cents for each transaction, replacing a graduated fee that came out to about 1 percent of the transaction price. This authority was granted to the Fed by the so-called Durbin amendment, named after Senator Richard Durbin of Illinois. The Fed must finalize its rules on the cap by April 21 and in effect by July 21 to comply with the legislation. Credit-card interchange fees, which average about 2 percent, remain untouched...
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