Bank Fee Regulation Passes!

Retailers have begged Congress for years, in vain, to limit the fees they must pay to banks when customers swipe credit or debit cards. Bills never reached a vote. Amendments were left on the table. The Senate did not even grant the courtesy of a committee hearing.

That long record of futility ended in a landslide Thursday night. Sixty-four senators, including 17 Republicans, agreed to impose price controls on debit transactions over the furious objections of the beleaguered banking industry.

It is about time. These transaction fees amount to a tax imposed by the banks. Now it should be extended to credit card transactions.

Though, I have to disagree with the author that the banking industry is “beleaguered.”