Congress runs interference for the Banksters

[marmar]

U.S. Senate and House lawmakers will propose legislation to delay proposed debit-card “swipe” fee caps that have been challenged by financial companies and questioned by bank regulators.

Senators worked to complete their bill late yesterday as House Republicans got a first look at language that would put a hold on Federal Reserve rules aimed at making fees paid by retailers “reasonable and proportional” to processing costs, as required by the Dodd-Frank Act.

A proposal by Senator Jon Tester, a Montana Democrat, could be introduced as soon as today, according to his spokesman Andrea Heller. Tester’s bill may seek a two-year delay. House Republicans are planning a bill that would impose a shorter hold, Representative Randy Neugebauer said yesterday.

“In the House bill you’re going to see a one-year delay and a study of what should be the composition of an interchange fee,” Neugebauer, a Texas Republican who leads a Financial Services subcommittee, said in an interview. ..........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-03-15/lawmakers-preparing-bills-to-delay-debit-card-swipe-fee-caps.html

[Fumesucker]

1. All together now.. Meet the new boss..

They're pissing on us without even the courtesy of calling it rain.

[myrna minx]

2. I'm getting sick of *all* politicians.

We're on our own.

[lonestarnot]

3. Locking arms to fuck merikans again I see.

[david_vincent]

4. This guy probably grew up

being called "testicle" by the other kids, and now it's payback time.

[xchrom]

5. there is not a hairs breadth of difference between big corporate business

and our political establishment.