Bloomberg writes that Jennifer Cavallaro’s Twitter feed usually deals with matters like the free-range egg salad she serves at her Beehive Café in Bristol, Rhode Island. On May 17, 2010, she blasted a different message to her followers.
She cited her recent trip to Washington, where she lobbied to cut the average 44 cents that merchants must pay a bank whenever a customer uses a debit card. “Remember I went to DC?” she wrote. “Well believe it or not it worked! New law will cap fees for consumers and businesses soon!!!!”
Cavallaro was a recruit in the retail industry’s surprise victorious assault on one of the most reliable income streams for big banks, worth $16 billion a year. Her message hailed the U.S. Senate’s decision that week to include a cap on debit-card fees in its bill overhauling rules for Wall Street.
Far from ending the matter, the vote touched off one of the most intense lobbying duels in memory as the banking industry, Visa Inc. (V) and MasterCard Inc. (MA) sought to kill or delay the debit- card measure. It raged for more than a year, culminating on June 8 when the banks lost a cliffhanger of a vote in the Senate….
Wait, wait...this is just the beginning. Read more at; http://www.bloomberg.com/news/2011-06-28/how-wal-mart-swiped-jpmorgan-in-16-billion-debit-card-battle.html
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