Russell Simmons just scored a victory on Capitol Hill.
The hip-hop mogul, founder of Def Jam Recordings and vegan yogi also sells prepaid debit cards and has successfully lobbied for changes in the financial services reform bill and its regulation of credit card fees.
The debate over so-called interchange fees has brought out some big guns: merchants, including titans such as Wal-Mart Stores, that pay the fees on one side and large banks and credit card issuers that receive the fees on the other. Consumer groups cheered the agreement to bring oversight to the fees, saying the savings would be passed on to consumers.
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