Credit-Card Cos. Rally on Barney Frank Talk
Visa and MasterCard staging modest midday rally on word that Rep. Barney Frank, who is steering a joint Senate-House committee to reconcile the financial regulatory reform bills, will seek to keep the the cap on debit card "swipe" fees that was approved by the Senate—but will also make some changes, though it's not clear what changes will be made.
That proposal from Senator Durbin to limit or cap debit card "swipe" fees has been weighing on card companies, as it would impact the industry's profitability.
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