The Nation:

Earlier this month, we reported on the Senate battle over “swipe fees,” which banks charge merchants for processing credit or debit cards. It appeared the story was over, and an effort by banks to maintain high swipe fees was vanquished—but an 11th hour action by the Federal Reserve yesterday has given Wall Street yet another astonishing victory in Washington.

The average swipe fee in America is 44 cents, the highest rate in the world. In December, the Federal Reserve released an analysis saying that banks could still make profit by charging 12 cents per transaction, and under the Dodd-Frank financial reform, planned to enforce this cap starting today.