Financial Regulation
Financial Regulation
smart spending
Financial reform: winners and losers

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The financial reform act limits the "swipe fees" that credit card companies charge merchants every time a customer uses a debit card. These fees have been passed on to consumers in the past.

"In effect, you had a sales tax being imposed on purchases in general because, obviously, (merchants) are passing that on," says Dean Baker, co-director of the Center for Economic Policy Research in Washington, D.C. Baker expects much of the savings that retailers realize on reduced swap fees to make their way back to consumers in the form of lower prices.


 

 

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