Like They Say, When Elephants Fight....

... the grass gets trampled. But in this case, my money was on the Wal-Mart Elephant. Small businesses and large businesses alike are getting reamed on these fees, and anything that can be done to lower them will help the economy:

By a vote of 54 to 45, the senate defeated a measure co-sponsored by Missouri Senators Claire McCaskill and Roy Blunt to delay a federal directive to banks, forcing them to lower the transaction fees businesses pay to process electronic transactions. The amendment needed 60 votes to pass.

...Sen. Dick Durbin, D-Ill., originally proposed the plan to lower swipe fees, arguing it would provide economic relief to small businesses that he said were routinely being overcharged by banks and forced to pass the cost on to consumers. The measure does allow loopholes for certain small banks and credit unions, but Durbin and other supporters have largely framed the issue as a battle between large, powerful banking institutions and small businesses.

But McCaskill thinks that is a skewed perspective.

“I didn’t see this as David vs. Goliath,” she said. “I saw it as Goliath vs. Goliath. The vast majority of these swipe fees are paid by huge retailers like Wal-Mart and Home Depot.”