Senate set to vote on debit-card swipe fees

After months of intensive lobbying by banks, the Senate is slated to vote Wednesday on a controversial bill that would delay changes to debit-card swipe fees that would cost the industry billions of dollars.

Sen. Jon Tester (D-Mont.) unveiled revised legislation Tuesday that requires four banking regulators to study the issue for six months. The Federal Reserve would then have an additional six months to rewrite the rules governing swipe fees. Tester?s original bill called for a two-year delay and would have required Congress to vote again to approve additional action.

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