Barney Frank Supports Changes to Debit-Card Swipe Fees

Visa (V) and Mastercard (MA) see quick pop following a Bloomberg news report that says U.S. Representative Barney Frank, one of the authors of the financial regulatory overhaul, said he is ready to work with the Republican majority to force changes in a Federal Reserve proposal to cap debit-card “swipe” fees. Simultaneously, UBS just came out with a comment of their own, saying the compromise in Washington could be a negative for Visa and that the end result could be Visa losing its debit card exclusivity.

Visa gained $0.97, or 1.74 percent, to $70.42 at 1:48 p.m. EST in New York Stock Exchange composite trading. Mastercard advanced $1.42, or 1.72 percent, to $237.08.

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1 Comment on Barney Frank Supports Changes to Debit-Card Swipe Fees

  1. Barney Frank used the letter of the law to fast-forward banking foreclosures. And now he is hiding behind the letter of the law to save his own skin and obscure how he has profited.

    There is nothing warm and fuzzy about a Marxist hustler like Frank who created the real estate foreclosure/housing mess.

    The American families who are facing foreclosure want to know when Frank is going to be convicted.

    Why are you quoting Frank about debit cards?

    Frank’s career is over. His financial advice is poison.

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