Shares of Visa Inc. and MasterCard Inc. may rise as Senate Democrats struggle to muster votes for legislation that would help merchants cut credit card fees, according to a Bloomberg News report
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"The severity of the language in the proposed amendments, in their current form, increases the potential for a 60-vote approval requirement. We would be buyers on weakness," Morgan Stanley's Adam Frisch wrote Thursday in a note to clients after the companies' shares fell.
Three proposals by Senate Majority Whip Dick Durbin of Illinois could threaten more than $40 billion a year in interchange or "swipe" fees collected by card-issuing banks including Citigroup Inc. and JPMorgan Chase & Co.
MasterCard and Visa set the rates.
