Pelosi urged to ensure passage of debit card limits

Representatives Peter Welch (D - VT), Bill Shuster (R - PA), and Chris Carney (D - PA) wrote a letter to Speaker of the House Nancy Pelosi urging her to support an amendment to the financial overhaul bill limiting "swipe" fees to retailers who accept debit cards.

According to Bloomberg Businessweek, the amendment was passed 64-33 in the Senate with support from 17 Republicans. The amendment would empower the Federal Reserve to limit debit card interchange fees, which average about 1 percent of a transaction.

"It helps level the playing field between small businesses and credit-card companies," wrote the three representatives in their letter.

"The House will review the amendment and the issue will be resolved in conference," Pelosi spokesman Nadeam Elshami said in an e-mail.