The Hill News

The Federal Reserve’s proposed debit card interchange rule has generated a lot of buzz lately. And with all the voices vying to be heard, it is more important than ever to be clear about the real harm the Fed’s proposal will cause to consumers, the financial institutions that serve them, and the broader economy.

When Congress passed an amendment directing the Fed to assess reasonable and proportional fees on debit interchange â€" the penny or two that retailers pay every time they choose to accept debit cards for payment â€" it did so at the 11th hour, without hearings, committee action or informed debate on the amendment. 

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