President Barack Obama supports an effort by congressional Democrats to raise the federal minimum wage to about $10 an hour, higher than the rate he called for earlier this year, according to a White House official.
Global Payments Inc. , the fourth- biggest provider of card-processing services for U.S. merchants, said the Senate didn’t give enough thought to a proposal to cap debit fees and may approve a plan that’s difficult to implement.
U.S. Senator Richard Durbin’s office told retailers that their efforts to have Congress rein in credit-card swipe fees will be imperiled if they support a $6.6 billion settlement with Visa Inc. and MasterCard Inc.
Visa Inc. and MasterCard Inc. faced a renewed threat to one of the credit-card industry’s biggest revenue sources after Senator Patrick Leahy backed legislation to help merchants cut the cost of accepting payment cards.
U.S. Senator Richard Durbin , faced with growing opposition and slipping support for his proposal to cap debit-card “swipe” fees, said he is working to exempt prepaid cards governments use to distribute benefits.
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.
Visa Inc. and MasterCard Inc., the world’s biggest payments networks, may face a merchant backlash by raising debit-card swipe fees on the smallest purchases to the maximum allowed under U.S. caps that take effect next week.