According to the Associated Press, the Senate voted Wednesday to let the Federal Reserve cut fees that banks charge stores when purchases are made by using a debit card. Senators who did not support the proposal fell six votes short of the 60 that were needed to decline the price cut (a vote of 54-45). Currently, stores are charged 44 cents for every debit card that is swiped, which amounts to more than $16 million annually to banks and credit card companies.
In the suggested revised plan, the Federal Reserve wants to limit charges to 12 cents for every debit card transaction. A final ruling on the issue must be made by July 21.