The Federal Reserve is putting together a proposal that would reduce the fees businesses have to pay when customers use debit cards to buy things from them, the Wall Street Journal reported on Tuesday. The central bank, which has the power to change such fee caps, plans to meet next week to vote on that proposal, the Journal said. A public comment period will follow. Businesses, which have long requested lower fees, currently pay the large financial institutions that issue cards 21 cents plus 0.05% of the transaction price, the Journal said. The Supreme Court late last month agreed to take up a case involving a lawsuit seeking a fee reduction.
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