Friday, 25 February 2011
So what’s boiling up next week on Wall Street!
Debit card interchange fees, The Fed has basically set a rule; that the banks cannot charge more than 12 cents per transaction when using a debit card at a retailer, conversely the banks are opposing the fed rule, complaining that twelve cents a transaction will not even cover their cost.
However, hope lays ahead as there is a lot of talk from the people on the hill, about the Fed reevaluating the rules and letting the banks recuperate from their cost. If this pass trough, we should see the banks and credit cards stock on the rise again.
The interior Secretary is in Huston today, talking to oil driller about getting started on leasing permits to drill. Given where the oil price is going, the White House will be looking into inserting more money in research, development and finding more domestic sources. Administration would certainly like to see more oil flowing from the US.