Companies like Visa, Mastercard and American Express would take a hit from a new Federal Reserve proposal that lowers debit-card fees paid by merchants.
The Federal Reserve Wednesday proposed lowering the fees banks can charge retailers for processing debit-card transactions, a victory for merchants who have long complained these "swipe fees" were too high and harmed consumers.
nine major banking trade groups, including the American Bankers Association, sent Fed Chair Jay Powell a letter But it's not a foregone conclusion that the cap would continue to drop every two years, according to Fed officials. The cap level would depend on what happens to costs. Updates would try to capture changes in costs and keep the fees reasonable and proportional to the issuer's costs.
The banks argue any revamp needs to capture fraud and operational costs that the current regime excludes. They also say the Fed's most recent public assessment is based on 2019 data and does not justify any pricing changes. Events in Avdiivka show Russia still struggles with the style of war needed to capture territory in Ukraine, a prominent analyst told Insider.
A biotech firm founded by Vivek Ramaswamy turned $15 million into $5 billion by flipping a bowel-disease treatment that Pfizer gave it for free
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