On Point: Adrian Capello of Baton Rouge has been awarded a Point Foundation scholarship, which goes to deserving lesbian, gay, bisexual or transgender students. Capello is pursuing a bachelor’s in neuroscience at Centenary College in Shreveport and plans to attend medical school. He was one of 34 students selected out of 2,000 applicants for the scholarship. The average Point scholarship is worth $10,000.
Move a win for merchants: The Senate voted today to let the Federal Reserve slice the fees that stores must pay banks each time a customer swipes a debit card, handing merchants a victory over banks in a lobbying battle over billions in revenue. Senators supporting the financial institutions’ efforts to head off the proposal fell six voters short of the 60 needed to prevail. The vote was 54-45. U.S. Sens. Mary Landrieu and David Vitter voted against holding off the proposal; a variety of Louisiana small businesses had supported the lower fees. The tally was a triumph Sen. Richard Durbin of Illinois, the No. 2 Democratic leader who had muscled a provision into last year’s financial overhaul law requiring the Fed to offer a plan for limiting the fees. Those charges now average 44 cents per transaction and mean $16 billion annually for banks and credit card companies, according to Federal Reserve data. The Fed has proposed holding those fees to a maximum of 12 cents per swipe. By law, a final rule must take effect on July 21.
