Banks should not have to disclose more information about automated teller machine fees, and states should decide whether to cap ATM surcharges, Federal Reserve Board Governor Lawrence B. Lindsey told lawmakers Thursday.

"We believe that because Regulation E, network operating rules, and laws in a number of states already require fee disclosures, the proposed legislation may be unnecessary," Mr. Lindsey testified before the House Banking Committee's financial institutions subcommittee.

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