Congress to Credit Card Companies: 'Play Fair'; Retailers Applaud Introduction of Credit Card Fair Fee Act
U.S. Newswire, March, 2008
To: RETAILING EDITORS
Contact: Christy Moran, 1-202-355-6309, or Jerry Mullins, 1- 202-355-6310, both for the Merchants Payments Coalition
Bi-partisan Legislation Aims to Reduce Hidden Credit Card Interchange Fee Through Transparency, Market-Based Remedy
WASHINGTON, March 7 /PRNewswire-USNewswire/ -- House Judiciary Committee Chairman John Conyers (D-MI) and Rep. Chris Cannon (R-UT) yesterday introduced the Credit Card Fair Fee Act, legislation that for the first time deals with the biggest credit card fee of all -- the interchange fee, which grew to $36 billion in 2006.
We welcome this effort to stop the price-fixing practices of the credit card industry and create a transparent market-based process, said Mallory Duncan, chairman of the Merchants...
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